RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.
This followed the approval of the company’s board of directors.
As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.
In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.
MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.
The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.
Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.
