Devsinc acquires Alchemative, looks at $22bn regional digital retail and eCommerce market

Devsinc, one of Pakistan’s largest IT companies and a growing global force in technology innovation, has announced a 100% acquisition of Alchemative Group, a leader in eCommerce and digital retail solutions, stated a press release.

This acquisition marks a strategic step in Devsinc’s mission to deliver transformative technology solutions, strengthening its footprint across key markets, including Pakistan, the UAE, and Saudi Arabia valued at over $22 Billion.

The retail and eCommerce markets in Saudi Arabia, the UAE, and Pakistan are thriving. Saudi Arabia’s eCommerce sector was valued at $8.7 billion in 2023, making it the largest in the GCC.

The UAE’s eCommerce sector will reach $6.98 billion by 2024, with a CAGR of 8.62% through 2029.

Pakistan’s eCommerce market is experiencing robust growth, with online retail sales expected to cross $7 billion by 2025, growing at an annual rate of over 18%.

Pakistan is also seeing a surge in demand for Salesforce, Shopify, and digital payment solutions due to its young, tech-savvy population and increasing internet penetration, which reached 36% of the population in 2023.

This acquisition unlocks opportunities for Devsinc to tap into the ever-growing Retail and e-commerce market for Strengthening Enterprise Partnerships, Enhancing Technology Solutions, Scaling UnumPay, and Fostering Digital presence in Digital Retail and eCommerce. The acquisition also includes UnumPay, Pakistan’s leading payment platform with a 24% market share and a client base of 1,200 businesses out of the country’s 5,000. UnumPay has gained substantial traction in over a dozen countries, enhancing Devsinc’s fintech capabilities and paving the way to tap into the lucrative industry.

CEO of Devsinc Usman Asif highlighted: “Alchemative’s exceptional capabilities in eCommerce and digital retail complement our mission to enable global businesses with cutting-edge solutions. Together, we will redefine how enterprises leverage technology to grow, innovate, and succeed.”

Umar Rana, CEO, Alchemative added: “Joining forces with Devsinc is a transformative moment for Alchemative. Their global scale and expertise, combined with our deep specialization in eCommerce and digital retail, will allow us to deliver even more value to our clients. This partnership will accelerate our shared vision for redefining digital transformation in the region and beyond.”