As Part of its Expansion Strategy Deal Valued at $12.2 Million: Raya Customer Experience (RCX) Acquires the Majority of Gulf CX

(Cairo – July 2021)

Out of its leadership in the industry of outsourcing, Raya Customer Experience (RCX), a subsidiary of Raya Holding for Financial Investments, announced today that it has acquired 85% of the shares of Gulf CX, the leading provider of BPO services in the Gulf. The deal value amounted to $12.2 million.

This comes after the BoD of RCX has made a purchase offer to acquire the majority stake in Gulf CX, which serves over 40 clients from various sectors in 10 countries around the world.

Gulf CX was established in 2015 and is located in Bahrain as its regional headquarters in the Gulf region. Gulf CX’s team has extensive experience in outsourcing regionally for over 30 years. It operates its business through three branches in the Kingdom of Bahrain, Saudi Arabia and the United Arab Emirates. Gulf CX has over 800 professionals in outsourcing services, 90% of whom are Gulf nationals and it provides its services 24/7.

Commenting on the acquisition, Mr. Medhat Khalil, CEO of Raya Holding for Financial Investments said: “We are always looking for promising opportunities to seize – this is the philosophy of our company and we always seek to offer services that distinguish us from competitors – this has always been the secret to our success. Our actual capital is our human resources, on whom Raya is based as one of the leading service providers in the East.”

Ahmed Refky, Chief Executive Officer of RCX, expressed his pleasure with the successful acquisition deal sought by RCX to expand its activities and increase its market share in the Gulf region in general and Saudi Arabia in particular.

This deal reflected the technical and financial capabilities of RCX in the GCC region and the world, he added.

He continued: “Through its acquisition of Gulf CX, RCX is expanding the services provided to major corporations in both government and private sectors, as well as a wide range of industries, such as health, e-commerce, logistics, transport and food, and the financial and banking sectors.”

Since its inception, Gulf CX has proven its excellence in providing high-quality outsourcing services. For this exact reason, RCX chose the acquired company to support its operations in the largest markets in the region, Refky explained./p>

“It is a great honor for our company to be acquired by a leading company as large and capable as RCX, which has an impressive history in this industry. With Raya, we are confident that we will provide unprecedented services and add much to our company’s activities.” Rami Sweis, CEO and Founder of Gulf CX commented.

RCX pursues an ambitious plan based on three main pillars, namely:

• To strengthen the current client portfolio by improving performance and raising the level of satisfaction of existing clients.

• To develop digital infrastructure. RCX is expanding its digital services’ capabilities, besides the usual voice services. RCX’s statistics reflect how digital services have been developed; RCX’s services provided during 2021 are divided into digital services (42%) and voice services (58%) – compared to 90% as voice services, and 10% as digital services last year. The company seeks to provide an integrated portfolio of services that includes voice, non-voice, and customer support via social media platforms.

• To expand its operations, as the company has 8 branches in Egypt, one in the UAE, and another in Poland. In addition, its advanced operating systems facilitate remote work. RCX has already taken its first steps of expansion in the Gulf market through its acquisition of Gulf CX. RCX is globally recognized by being included in the list of Top Global 100 outsourcing companies by the International Association of Outsourcing Professionals – IAOP in the USA – a recognition that builds on RCX journey of success in the BPO industry.