Hexaware forges joint venture with UAE’s Novelty Group

IT services company Hexaware has entered into a joint venture with the Novelty Group of the United Arab Emirates, the company announced on March 11.

As part of the partnership, Hexaware will digitally transform UAE businesses across multiple sectors ranging from banking, financial services, manufacturing, energy and utilities, healthcare, insurance, hi-tech products and platforms, retail and consumer, logistics and travel as well as hospitality, the company said in a statement.

Hexaware Technologies will also leverage its technology partnerships with AWS, Microsoft, Google and Oracle, among others for the UAE region.

Novelty Group, which is present in the regional business landscape, will deliver key insights and support to navigate the requirements of companies. It will also deploy local talent for the ‘Emiratisation of IT services’ across the UAE market.

R Srikrishna, Chief Executive Officer and Executive Director of Hexaware Technologies said, “The joint venture represents a strategic alignment of our technological prowess with Novelty Group’s expertise, aimed at delivering unparalleled value to UAE based enterprises.”

We aim to make use of the UAE’s increasing and diverse talent pool and make cutting edge digital solutions available locally and are committed to bring investments to the UAE, he added.

Investment banking firm Miller Hill Advisors and UAE-based management advisory firm Ignite Excellence Advisory facilitated this joint venture. 

“Combining Hexaware’s global technological capabilities with Novelty Group’s insights, we aim to revolutionise enterprise solutions across diverse sectors,” Abdul Raouf Al Mubarak, Chairman of Novelty Group said.

Miller Hill Advisors will act as the financial advisor for this joint venture.

Hexaware Technologies specialises in generative AI, cloud, digital and software, enterprise automation, data and AI operations. The company was listed from the NSE and BSE, and taken private in 2020 at a price of Rs 475 per share.