iOCO buys South African cloud company
iOCO has entered into a deal to acquire 100% of the issued share capital of Astraia Technologies Proprietary Limited, a cloud-based enterprise resource planning (ERP) service provider.
Astraia is a founder-led company that also provides financial software integration and business process
optimisation.
The deal is expected to improve iOCO’s infrastructure and managed services capabilities, while also expanding its access into enterprise customers and vendor ecosystems.
“The strategy of making smaller acquisitions that can access iOCO’s diverse and broad platform allows immediate scalability across products and customers,” said Rhys Summerton, CEO of iOCO.
“We see the opportunity to accelerate iOCO’s growth with our acquisition strategy”.
The deal’s value has not been disclosed to the market. A performance-based earn-out consideration may also become payable, subject to the achievement of growth targets over an 18-month period.
The deal is expected to become effective within six weeks of the date of the binding agreement, which is subject to several conditions precedent.
The deal was made on a voluntary basis and was not a categorisable transaction as per JSE Listing Requirements.
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