(Alliance News) - Siav Spa announced Monday that its subsidiary Mitric SA has entered into a strategic distribution agreement with Gulf Software Distribution, a leading IBM value-added distribution player in the Middle East.

The agreement, which went into effect immediately, marks a new chapter in Mitric's expansion into geographic markets with high technology and innovation potential such as the United Arab Emirates, Qatar, Oman, Kuwait, Bahrain, Saudi Arabia and Egypt.

Luigi Bassani, CEO and founder of Mitric, shared his enthusiasm about the partnership, "The collaboration with GSD represents a tremendous opportunity for Mitric to expand its presence in a dynamic and growing geographic area. We look forward to collaborating with a prominent partner like GSD to offer our innovative software solutions to a growing customer base."

Lana Takieddine, leader of Gulf Software Distribution, commented, "GSD is pleased to solidify its partnership with Mitric and looks forward to a fruitful collaboration throughout 2024. We believe that Mitric's products, solutions and offerings will bring significant value to our business partners and their customers. GSD is committed to making every effort to ensure Mitric's success in penetrating the CPG market."

Siav's stock closed Monday down 2.2 percent at EUR2.64 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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