HONG
KONG, Aug. 7, 2024 /PRNewswire/ -- CLPS
Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today
announced that, through its wholly-owned subsidiary, CLPS
Investment Management Ltd., it established Ridik Technology Ltd.
("Ridik Dubai"), in
Dubai, United Arab Emirates, on July 31, 2024. This strategic move aims to deepen
the Company's global expansion strategy and tap into the thriving
Middle East market by providing
advanced IT services and solutions to local and international
business.
The Middle East region is
undergoing rapid digital transformation, driving substantial growth
in IT spending. According to Gartner[1], IT spending in
the Middle East is projected to
grow by 5.2% in 2024, reaching USD 193.7
billion. The IT services segment is a key growth driver
fueled by increasing demand for professional and consulting
services to prepare their businesses for cloud migration, AI,
generative AI (GenAI), and IoT implementations. Additionally,
companies are capitalizing on data monetization opportunities
created by the convergence of these technologies.
Since initiating its global expansion strategy, CLPS has
achieved consistent growth in revenue generated outside of mainland
China, with a 25.4% increase in
the first half of the fiscal year 2024. The UAE's proactive stance
in fostering a technology-driven economy, coupled with its
strategic geographic location, makes it an ideal platform for CLPS
to serve the broader Middle East
market.
CLPS has appointed Ms. Maddoju Hymavathi as General Manager of
Ridik Dubai, tasked
with spearheading the Company's business development and
operational management in the region.
Mr. Raymond Lin, Chief Executive
Officer of CLPS, said, "The establishment of Ridik
Dubai is a pivotal
milestone in our global expansion journey. Dubai's position as a commercial and
technological hub in the Middle
East, coupled with its abundant resources and vast market
potential, makes it an ideal location for us to expand our
footprint. By establishing a local subsidiary, we can better serve
both existing and prospective clients, while accelerating their
digital transformation initiatives." He added, "We view
Dubai as a strategic
launchpad to extend our services across the entire Middle East region and explore new market
opportunities."
[1] Source: Gartner Forecasts MENA IT Spending
to Grow 5% in 2024
About CLPS Incorporation
Headquartered in Hong Kong,
CLPS Incorporation is a global leading information technology
("IT") consulting and solutions service provider focused on
delivering services primarily to global institutions on the
banking, wealth management, e-commerce, and automotive sectors. The
Company serves as an IT service provider to a growing network of
clients in the global financial service industry, including large
financial institutions in the U.S., Europe, Australia, Asia, and their PRC-based IT centers. The
Company maintains 20 delivery and/or research & development
centers to serve different customers in various geographic
locations. Mainland China centers
are located in Shanghai,
Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 10 global centers are
located in Hong Kong SAR, USA,
Japan, Singapore, Australia, Malaysia, India, Philippines, Canada, and Dubai. For further information
regarding the Company, please
visit: https://ir.clpsglobal.com/, or follow CLPS
on Facebook, Instagram, LinkedIn,
X (formerly Twitter), and YouTube.
Forward-Looking Statements
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance. Known and unknown risks, uncertainties and other
factors, which may be beyond the Company's control, may cause the
actual results and performance of the Company to be materially
different from such forward-looking statements. All such statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties related to the Company's expectations of the
Company's future growth, performance and results of operations, the
Company's ability to capitalize on various commercial, M&A,
technology and other related opportunities and initiatives, as well
as the risks and uncertainties described in the Company's most
recently filed SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
Contact:
CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com
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SOURCE CLPS