The year 2022 closed phenomenally for the IT sector in Pakistan, witnessing several successful mergers and acquisitions. The sector made a record-breaking contribution to the economy, recording a remittance of $2.616 billion. The industry saw a 24 percent increase in revenue which was $2.108 billion in 2021.
Pakistan also hosted its 11th Bank of Future Forum which is one of the biggest banking technology conferences and the APICTA awards in December 2022 for the very first time, hosting 16 economies of the Asia Pacific region.
As we review the year, it’s clear that the technology sector is dynamic and holds great potential for Pakistan’s IT industry. The progress that has been made in recent years is encouraging, but it remains to be seen how far new ventures will go and what further advancements we can expect in 2023. However, a closer analysis provides insight into the strong potential that the IT industry holds.
Systems Ltd. Acquires NdcTech
Pakistan’s biggest IT-listed company, Systems Limited acquired a leading IT & Consulting company, NdcTech, which is a partner of Temenos, and one of the fastest-growing companies in the banking technology sector.
NdcTech is now operating as a fully owned subsidiary of Systems Limited under the same CEO, Ammara Masood. The IT company and its subsidiary also won several global recognitions in 2022. Systems Limited was granted Forbes Asia’s Best Under A Billion award for the third time in a row, while NdcTech won the best...
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