EOH acquires Sybrin for Africa expansion

TECHNOLOGY firm EOH has bought the entire business of software provider Sybrin for an undisclosed amount, it said on Monday.

EOH said the acquisition of Sybrin, which is a specialised developer of software for the financial services and other industry sectors, will enhance EOH’s products and expand its presence on the rest of the continent.

EOH has a presence in some countries in West Africa and East Africa but was looking at establishing fully fledged operations. It sees potential growth in those regions that could diversify its earnings and lift revenue.

Some of Sybrin’s products include workflow software, and payment and document management solutions.

Sybrin employs more than 150 people and works in 17 African countries as well as Europe and the Middle East.

EOH’s headquarters are in SA and it has regional offices in Kenya, Zimbabwe, Zambia, Tanzania, Rwanda and Mozambique.

EOH CEO Asher Bohbot said the company was attracted to Sybrin because of its strong management team, solution set and African presence.

“Sybrin is a great fit into our existing strategy, which includes stronger vertical focus and aggressive African expansion,” he said.

Sybrin’s core financial services capabilities and workflow management solutions would add “great value” and enhance EOH’s offerings to its client base, said EOH business development director Brian Gubbins. “EOH can also add great value to Sybrin clients who we do not partner with. While Sybrin’s focus has been predominantly in the financial services sector, we see great potential for their solutions across all industry verticals.”

Sybrin CEO Steve Prowse said: “We are joining EOH because of its culture and entrepreneurial spirit. We wanted a partner that could bring our company to the next level and we are very excited to be part of EOH.”

EOH reported a 49% rise in profit after tax to R331m for the year to July.

Diluted headline earnings per share grew 36% to 305.6c.

The company’s revenue increased 40% to R5.1bn.