Conor acquisition set to strengthen arm of Adapt IT |
LISTED Adapt IT Holdings (Adapt IT) says it has entered into an agreement to acquire the Conor Group for R80 million in a move that is set to strengthen its telecommunications solutions division.
The group said it wanted to acquire Conor as a going concern, with assets and related business conducted by 4Digits Solutions (Conor International). It said the purchase would exclude certain assets, but include employees and certain liabilities.
Adapt IT said the acquisition would be implemented by month-end.
Chief executive Sbu Shabalala said the transaction would also yield benefits for Adapt IT customers.
“The Adapt IT telecommunications division solution offering is strengthened by the Conor acquisition with our customers benefiting from the technology synergies leveraged through this transaction, further enhancing opportunities to enable our customers to achieve more,” Shabalala said.
Conor was founded in 2007 and is a fast-growing and dynamic software business that employs 60 professionals and provides high-performance telco and mobile financial service solutions, covering areas such as core network applications, enterprise mobility, big data and analytics, and mobile payments to the telecommunications industry in 10 countries across Africa and South America. The acquisition will provide Adapt IT with access to key proprietary software, customers and markets in the telecommunications space in South Africa, DRC (Democratic Republic of Congo), Tanzania, Lesotho and Namibia.
Conor chief executive Chris Breytenbach was equally excited about the value the synergies with Adapt IT will bring.
“The two organisations will be able to fully exploit opportunities in the local and international telco market as Conor plans to play a meaningful role in Adapt IT’s telecommunications division’s strategy and growth by adding relevant world-class products to the existing solution offering.”
Adapt IT declined 0.29 percent on the JSE yesterday to close at R6.97.