LAHORE: Devsinc, a leading Pakistani IT company with a growing global presence, has announced its acquisition of Alchemative Group, a company specializing in ecommerce and digital retail solutions.
The move aligns with Devsinc’s broader efforts to expand its technological capabilities and improve its presence in key markets such as Pakistan, the UAE, and Saudi Arabia, which collectively represent a $22 billion digital retail market.
The ecommerce landscape in the region is thriving. Saudi Arabia’s ecommerce market, the largest in the GCC, was valued at $8.7 billion in 2023. The UAE is expected to see its sector grow to $6.98 billion by 2024 at an annual growth rate of 8.62%.
In Pakistan, online retail sales are projected to surpass $7 billion by 2025, growing at over 18% annually. The country’s young and tech-savvy population, combined with increasing internet penetration (36% in 2023), is driving demand for ecommerce platforms and digital payment solutions like Salesforce, Shopify, and UnumPay.
The acquisition offers opportunities for Devsinc to strengthen its presence in the ecommerce and fintech sectors. Notably, it includes UnumPay, a leading payment platform in Pakistan with a 24% market share and over 1,200 active business clients. UnumPay has gained traction across multiple countries and will contribute to enhancing Devsinc’s fintech offerings.
Commenting on the acquisition, Usman Asif, CEO of Devsinc, stated: “Alchemative’s expertise in ecommerce and digital retail enhances our ability to deliver practical, innovative solutions to clients. Together, we aim to support businesses in leveraging technology for growth and digital transformation.” Umar Rana, CEO of Alchemative, added: “Joining forces with Devsinc provides an opportunity to combine our strengths and bring greater value to our clients. This partnership will enable us to scale our solutions and contribute to the digital transformation of businesses in the region.”
