Devsinc, one of Pakistan’s largest IT companies and a growing global force in technology innovation has announced a 100% acquisition of Alchemative Group, a leader in eCommerce and digital retail solutions. This acquisition marks a strategic step in Devsinc’s mission to deliver transformative technology solutions, strengthening its footprint across key markets, including Pakistan, the UAE, and Saudi Arabia valued at over $22 Billion.
The retail and eCommerce markets in Saudi Arabia, the UAE, and Pakistan are thriving. Saudi Arabia’s eCommerce sector was valued at $8.7 billion in 2023, making it the largest in the GCC. The UAE’s eCommerce sector will reach $6.98 billion by 2024, with a CAGR of 8.62% through 2029. Pakistan’s eCommerce market is experiencing robust growth, with online retail sales expected to cross $7 billion by 2025, growing at an annual rate of over 18%. Pakistan is also seeing a surge in demand for Salesforce, Shopify, and digital payment solutions due to its young, tech-savvy population and increasing internet penetration, which reached 36% of the population in 2023.
This acquisition unlocks opportunities for Devsinc to tap into the ever-growing Retail and e-commerce market for Strengthening Enterprise Partnerships, Enhancing Technology Solutions, Scaling UnumPay, and Fostering Digital presence in Digital Retail and eCommerce. The acquisition also includes UnumPay, Pakistan’s leading payment platform with a 24% market share and a client base of 1,200 businesses out of the country’s 5,000. UnumPay has gained substantial traction in over a dozen countries, enhancing Devsinc’s fintech capabilities and paving the way to tap into the lucrative industry.
CEO of Devsinc Usman Asif highlighted:“Alchemative’s exceptional capabilities in eCommerce and digital retail complement our mission to enable global businesses with cutting-edge solutions. Together, we will redefine how enterprises leverage technology to grow, innovate, and succeed.”
Umar Rana, CEO, Alchemative added: “Joining forces with Devsinc is a transformative moment for Alchemative. Their global scale and expertise, combined with our deep specialization in eCommerce and digital retail, will allow us to deliver even more value to our clients. This partnership will accelerate our shared vision for redefining digital transformation in the region and beyond.”
About Alchemative
Alchemative, with over 11 years of experience, serves 800+ global clients across 15+ countries, driving innovation in eCommerce through omnichannel retail, Shopify apps, ERP integrations, and logistics optimization. Alchemative is led by its CEO, Mr. Umar Rana, who will take on the role of SVP of Digital Retail and eCommerce at Devsinc. The company processes over 20 million orders monthly, empowering businesses with scalable SaaS models.
About Devsinc
Devsinc empowers businesses worldwide with bespoke software solutions. With over 2,000 skilled engineers, Devsinc specializes in delivering enterprise-grade services across 23 IT and IT-enabled solutions, spanning 10 industries and 4 continents. Guided by innovation and excellence, the company builds tailored, scalable, and secure technology solutions, enabling clients to achieve sustainable growth in an ever-evolving market.
This acquisition cements Devsinc’s position as a global leader in IT services, paving the way for unprecedented opportunities in digital transformation and enterprise innovation. With over 3,000 projects delivered in the past 15 years, Devsinc continues to expand its footprints to new geographies and technologies.