JSE-listed Capital Appreciation has acquired financial technology company, Synthesis Software Technologies, for R132.1 million.
Synthesis provides software development, consulting and integration services to financial institutions, with current clients on its books including Investec, Absa, Standard Bank, Capitec and Nedbank.
The company will remain independent, operating as a wholly-owned subsidiary of Capital Appreciation.
Capital Appreciation was initially established as a Special Purpose Acquisition Company (SPAC) that listed on the Main Board of the JSE on 16 October 2015. The intention of the organisation was to acquire assets that provide a platform for future growth and expansion in South Africa, Africa and beyond.
Now that it has concluded its initial acquisitions, it is no longer a SPAC but rather a fully fledged listed entity on the JSE. The company said that it will continue to invest in and acquire companies that complement its fintech strategy.
“This acquisition is in line with Capital Appreciation’s value creation objectives and its strategy of providing established and emerging financial services companies with fintech services,” said Bradley Sacks, joint CEO of Capital Appreciation.
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