ArabFinance: Raya Contact Center (RACC) has acquired an 85% stake in Gulf Customer Experience (Gulf CX) in a fully self-financed transaction, Raya’s CEO Ahmed Refky told Al Mal Newspaper.

The company aims at refinancing the transaction through a loan, Refky added, noting that Raya is currently in talks with local and international institutions over the terms and conditions of the loan.

The potential loan will be partially used to develop the infrastructure of the company and boost its efficiency, he said, pointing out that the financial position of the company would support its abilities in obtaining bank loans.

The company is also planning to continue its expansion plan in the Gulf region through the inauguration of a new center in Saudi Arabia, along with its center in Riyadh, the CEO highlighted.

Moreover, Raya seeks to invest in seven or eight startups via its business accelerator Raya FutureTECH, he said, adding that it received requests from 120 startups.

He also added that Raya targets the acquisition of minority stakes that do not exceed 7% in the startups.

In August, Raya Contact Center agreed on purchasing 335,829 shares or 85% of Gulf CX’s capital for $14.32 million.

Raya Contact Center is an Egypt-based company engaged in the provision of business process outsourcing services. Its services are structured into four divisions: contact center, back office, inside sales, and professional services.