Adapt IT Holdings has been acquired by Volaris Group for R7 per Adapt IT share effective 3 January 2022. Volaris is a wholly-owned subsidiary of Constellation Software Inc, a Canadian listed entity.
All conditions and regulatory approvals have now been met, including approval from various competition authorities, the Takeover Regulation Panel as well as the JSE. The deal was also conditional on Volaris acquiring more than 50% of Adapt IT shares.
Volaris has acquired 63.87% of Adapt IT. Pursuant to the implementation of the deal, Adapt IT will delist from the JSE with effect from 4 January 2022.
Headquartered in Toronto, Volaris Group is an international provider of vertical market software and services in several industries. Volaris acquires and grows software businesses that develop specialised software solutions.
“The acquisition is a wonderful South African success story. Adapt IT was founded in 1996, the business was listed in 1998 and successfully grew its customer base to more than 10 000 customers in 55 countries around the world. With this acquisition, Adapt IT will have the opportunity to expand to many more countries and customers around the globe,” said Tiffany Dunsdon, CEO of Adapt IT.
Adapt IT now represents Volaris’ interests in the African continent, a region in which Volaris sees opportunities for growth, it said. “The acquisition brings direct foreign investment into South Africa with opportunities for additional growth capital being invested into the country as well as the transfer of best practices.”
Volaris has expressed confidence in the leadership team of Adapt IT with Tiffany Dunsdon as CEO, Nombali Mbambo as chief financial officer and Tony Vicente as chief operating officer.