This is the largest acquisition of a Pakistani software company by a foreign company in terms of value.
The Rt. Hon. Lord Aamer Sarfraz of Kensington, a Senior Advisor to several NYSE-listed technology companies, including Yancey Spruill, CEO of DigitalOcean, and Aaqib Gadit, the Founder of Cloudways, were welcomed by the Pakistan Stock Exchange (PSX) with a gong ceremony to commemorate the acquisition of Cloudways by DigitalOcean Holdings Inc.
This is the largest acquisition of a Pakistani software company by a foreign company in terms of value.
Speaking at the event, Farrukh H. Khan, MD and CEO of PSX, welcomed the guests to the Pakistan Stock Exchange. He said, “DigitalOcean’s acquisition of Cloudways is proof that Pakistani tech companies offer strategic and portfolio investors enticing business opportunities. There is a lot of potential in the information technology (IT) ecosystem because of the talent pool there.”
“Importantly, the IT sector can expand service exports at a compound rate, which is crucial for Pakistan at this point. If we look at venture capital investments, startup funding was $347 million in 2022, despite difficulties.”
To support the IT industry, Pakistan’s Securities and Exchange Commission has developed legal definitions for startups, and the federal government has assisted in the establishment of Special Technology Zones. In the end, Farrukh H. Khan thanked the guests and hoped this acquisition would augur well for the IT industry of this country.
Speaking at the event, Lord Sarfraz said: “The Pakistan Stock Exchange will play a significant role in the redistribution of wealth across the country as the economy starts to rebound under the leadership of its dynamic CEO, Farrukh Khan.”
The year has been difficult for Pakistan due to devastating floods and pressures from the world economy. The Cloudways story is still worth celebrating because it shows that Pakistani businesspeople continue to produce top-notch innovation.
“We are honoured to be welcomed to the Pakistan Stock Exchange and are incredibly excited about the long-term growth potential of our investment in Pakistan through our Cloudways acquisition,” said Yancey Spruill, CEO of DigitalOcean Holdings Inc.
Dr. Shamshad Akhtar congratulated Lord Aamer Sarfraz, Yancey Spruill, and Aaqib Gadit on the profitable acquisition of Cloudways by DigitalOcean Inc. in her concluding remarks. She noted that it was the largest acquisition of a Pakistani startup by an American company.