Adapt IT makes R10.4m cash acquisition
Adapt IT Proprietary, a subsidiary of JSE-listed Adapt IT Group, is set to acquire outsourcing service provider, Swicon for R10.4 million in cash.
Swicon, established in 2000, is an SAP services partner that specialises in providing business process outsourcing (BPO) services for the SAP ERP Human Capital Management solution to clients across diverse sectors, deployed in a cloud environment.
The group has a staff count of over 40 employees located in Bryanston, Johannesburg.
The sellers included Viker Investments Proprietary, Markus Bucher, Maya Bucher and Britehouse SSD Proprietary.
Adapt IT said that the acquisition will provide it with the requisite SAP technology expertise and solutions to extend value adding services to its existing clients in mining and manufacturing – as well as help remove entry barriers into new sectors, whilst strengthening the group’s Gauteng presence.
“Swicon has a compelling proprietary business offering complemented by a blue chip client base, which will benefit from the group’s wider offerings. The group also has many clients who run SAP, who will benefit from the Swicon solutions,” Adapt IT said.
The purchase price of R10.4 million is to be funded from existing cash resources, and the issue of one million Adapt IT shares, valued at R1.3 million.
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