By Rafiq Vayani
KARACHI/DUBAI: Pakistan Stock Exchange (PSX) welcomed the Rt. Hon. Lord Aamer Sarfraz of Kensington who is a Senior Advisor to several NYSE listed technological firms including DigitalOcean Holdings Inc., Mr. Yancey Spruill CEO DigitalOcean and Mr. Aaqib Gadit who is the Founder of Cloudways with a Gong Ceremony to celebrate acquisition of Cloudways by DigitalOcean Holdings Inc. This is the biggest acquisition by value of a Pakistani software firm by an international firm.
Mr. Farrukh H. Khan MD & CEO PSX speaking at the occasion welcomed the guests at Pakistan Stock Exchange. He said “This acquisition by DigitalOcean of Cloudways is testament to the fact that Pakistani tech companies present a compelling business opportunity for strategic and portfolio investors. The talent pool in information technology (IT) ecosystem is impressive which is why there is significant potential in this industry. Crucially the IT industry is capable of growing export of services at a compounded rate, which is of great importance for Pakistan at this juncture. If we see investments in the venture capital space, despite challenges startup funding was $347 million in 2022.
The Securities and Exchange Commission of Pakistan, has established legal definitions for startups, and the federal government has helped set up Special Technology Zones to support the IT industry.” In the end Mr. Farrukh H. Khan thanked the guests and hoped this acquisition would augur well for the IT industry of this country.
Lord Aamer Sarfraz struck the Gong at the PSX Trading Hall to open the trading day amidst the presence of Mr. Yancey Spruill CEO of Digital Ocean Holdings Inc. and Mr. Aaqib Gadit, Founder Cloudways & Chief Revenue Officer-DigitalOcean Holdings Inc. Also present at the occasion were Dr. Shamshad Akhtar Chairperson PSX, Board and Management Officials of PSX and leading names from the IT industry.
Speaking at the occasion Lord Sarfraz said,” The Pakistan Stock Exchange, under the leadership of its dynamic CEO Farrukh Khan, will play an important role in the redistribution of wealth across the country, as the economy starts to rebound. Pakistan has had a challenging year, with devastating floods and global economic pressures. The Cloudways story is nonetheless one to celebrate – it demonstrates Pakistani entrepreneurs continue to deliver world-class innovation.”
Later on CEO of DigitalOcean Holdings Inc. Mr. Yancey Spruill said, “We are honored 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.”
Dr Shamshad Akhtar, Chairperson PSX in her closing remarks congratulated Lord Aamer Sarfraz, Mr. Yancey Spruill and Mr. Aaqib Gadit on successful acquisition of Cloudways by DigitalOcean Inc. It is the largest acquisition of a Pakistani startup by an American firm. She hoped that news like this of Cloudway’s acquisition will further complement increasing investment in the IT sector.
