Investcorp, the Bahrain-based alternative investment manager, said one of its affiliates acquired a majority stake in the US technology company KSM Consulting from Renovus Capital Partners.
Terms of the transaction were not disclosed and Renovus will continue to maintain a minority stake in the business.
"The past year highlighted the importance of embracing technology for all organisations, regardless of size, sector or industry," Tarek AlMahjoub, head of UAE and Oman for Investcorp’s private wealth, said.
KSMC’s people, values and culture set it apart in a "highly fragmented market, and we are excited to be partnering with them", he added.
Founded in 2008, KSMC caters to more than 700 organisations. The company specialises in data analytics, smart solutions and digital transformation.
The partnership will focus on the Indianapolis-headquartered company’s organic growth and expanding its footprint across the US, the Manama-listed company said in a statement. The tie-up will broaden KSMC’s service offerings and focus on the company completing recent strategic acquisitions of other US technology firms.
Some of the recent purchases of KSMC, which has grown at an annual rate of more than 40 per cent in the past three years, include Colorado-based Tempus Nova, Ohio-based Advocate Solutions and Indianapolis-based Connect Think.
"We believe Investcorp’s deep understanding of technology and the professional services industry makes it an ideal partner for KSMC’s next phase of growth," Mark Caswell, chief executive of KSMC, said.
"Investcorp’s resources and expertise will enable us to continue expanding … [and] position us for accelerated growth. We are excited by the long-term benefits this partnership will unlock for our team, clients and communities," Mr Caswell added.
With a presence in 12 countries across the US, Europe, GCC and Asia, Investcorp, which counts Abu Dhabi's Mubadala Investment Company as its biggest shareholder, had $35 billion in total assets under management at the end of last year.
The company has been on an acquisition spree in recent months, expanding its technology portfolio by boosting its investment in software, data analytics, cyber security and FinTech companies.
Last month, the company rolled out Investcorp iPartners platform, a new FinTech offering that will allow investors to browse, assess and invest in private equity, real estate and other offerings.
Earlier this month, Investcorp reported a 33 per cent jump in first-half net profit on the back of higher asset-based income.
The company’s $1.4bn investment activity during the first half of its financial year was driven by two new private equity investments in the US and Europe and two add-on acquisitions, in addition to eight investments in businesses across Asia.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
MEYDAN CARD
6.30pm Maiden Dh165,000 (Dirt) 1,600m
7.05pm Conditions Dh240,000 (D) 1,600m
7.40pm Handicap Dh190,000 (D) 2,000m
8.15pm Handicap Dh170,000 (D) 2,200m
8.50pm The Entisar Listed Dh265,000 (D) 2,000m
9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m
10pm Handicap Dh185,000 (D) 1,400m
The National selections
6.30pm Majestic Thunder
7.05pm Commanding
7.40pm Mark Of Approval
8.15pm Mulfit
8.50pm Gronkowski
9.25pm Walking Thunder
10pm Midnight Sands
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
RACE CARD
5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
