Business Connexion completes Intergr8 IT buy

Business Connexion has finalised its 100% acquisition of ICT management specialist firm Integr8 IT.

The acquisition cost Business Connexion an estimated R126 million.

The initial acquisition was pending an approval from the Competition Commission, which has now confirmed that all conditions of the transaction have been met, Business Connexion said in a statement.

The total purchase consideration will be settled through an initial cash payment of R56 million, with the balance of R70 million payable as earn-out payments, over three years, the ICT group said.

Integr8 IT is one of the largest privately owned ICT managed services companies on the African continent.

It was established in 2001 and offers products and services around annuity based infrastructure management and managed services, targeted at the mid-market corporate sector throughout South Africa and Africa.

Integr8 IT forms part of the Integr8 Group.

“We’re pleased with the finalisation of the acquisition of Intergr8 IT because we already have a 28% market share of the retail IT services market share in sub-Saharan Africa,” said Jane Canny, Business Connexion group executive for the UCS Division.

“Intergr8 IT complements our growth strategy because it provides us with access to markets not historically serviced by Business Connexion.”

Robert Sussman, joint founder and joint CEO Integr8 IT said that the business deal between the two companies “makes sense:.

“For the first time in South Africa there is a single company with 7,000 highly skilled personnel that span the continent, which scales the delivery of its services from the mid-market corporate to enterprise space,” he said.

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Business Connexion completes Intergr8 IT buy