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Adapt IT boosts mobile capabilities in R80m deal
Adapt IT boosts mobile capabilities in R80m deal. The ICT group says the R80 million purchase of Conor will strengthen its telecommunications division.
Adapt IT has bought mobile specialist Conor Solutions in a deal that it says will strengthen its telecommunications offering. The R80 million acquisition will give it access to key proprietary software customers and markets
Conor operates in the information and communications technology (ICT) sector and focuses on providing mobile technologies to mobile operators, banks, enterprises and SMMEs in Africa and South America. The company was founded in 2007 and has 60 staff members. Its net assets were worth R13.2 million at the end of March and it generated R87.8 million in revenue last year. Attributable profit for the year was R17.7 million.
The company is controlled by Jed Holdings, whose ultimate beneficial shareholders are Edwin van Zyl, Jacob Oosthuizen and Duncan de Klerk.
Adapt IT said the acquisition would improve revenue and geographic diversification as the Conor customer base creates cross-selling opportunities in local and foreign markets for its telecommunications software solutions.
Adapt IT will pay R48 million for the company once the deal closes and will put the remaining R32 million into an escrow account, which will be paid to the vendors with any accrued interest after two years.
The acquisition will provide Adapt IT with access to key proprietary software, customers and markets in the telecommunications space in South Africa as well as key markets in Africa including DRC, Tanzania, Lesotho and Namibia," the company said.
The deal remains subject to a number of conditions, including the approval of the boards of both companies.
Adapt IT's shares declined 0.3% to R6.97 yesterday.
Breaking news! Adapt IT acquires Conor Group for R80 million. "The Adapt IT telecommunications division solution offering is strengthened by the Conor acquisition". concludes @SbuShabalala , CEO of Adapt IT. Read more here - ... ... pic.twitter.com/dr186QvvQk
-- Adapt IT (@AdaptITSA) November 5, 2018
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By INCE|Connect NewsAdapt IT boosts mobile capabilities in R80m deal. The ICT group says the R80 million purchase of Conor will strengthen its telecommunications division.
Adapt IT has bought mobile specialist Conor Solutions in a deal that it says will strengthen its telecommunications offering. The R80 million acquisition will give it access to key proprietary software customers and markets
Conor operates in the information and communications technology (ICT) sector and focuses on providing mobile technologies to mobile operators, banks, enterprises and SMMEs in Africa and South America. The company was founded in 2007 and has 60 staff members. Its net assets were worth R13.2 million at the end of March and it generated R87.8 million in revenue last year. Attributable profit for the year was R17.7 million.
The company is controlled by Jed Holdings, whose ultimate beneficial shareholders are Edwin van Zyl, Jacob Oosthuizen and Duncan de Klerk.
Adapt IT said the acquisition would improve revenue and geographic diversification as the Conor customer base creates cross-selling opportunities in local and foreign markets for its telecommunications software solutions.
Adapt IT will pay R48 million for the company once the deal closes and will put the remaining R32 million into an escrow account, which will be paid to the vendors with any accrued interest after two years.
The acquisition will provide Adapt IT with access to key proprietary software, customers and markets in the telecommunications space in South Africa as well as key markets in Africa including DRC, Tanzania, Lesotho and Namibia," the company said.
The deal remains subject to a number of conditions, including the approval of the boards of both companies.
Adapt IT's shares declined 0.3% to R6.97 yesterday.
Breaking news! Adapt IT acquires Conor Group for R80 million. "The Adapt IT telecommunications division solution offering is strengthened by the Conor acquisition". concludes @SbuShabalala , CEO of Adapt IT. Read more here - ... ... pic.twitter.com/dr186QvvQk
-- Adapt IT (@AdaptITSA) November 5, 2018