Pinnacle makes double acquisition

Listed ICT firm Pinnacle Technology has acquired Precision ICT and Modrac with effect from 1 June 2013.

The purchase price was undisclosed and is subject inter alia to the completion of a due diligence review.

Precision ICT is an engineering company focused on the design, manufacture and
assembly of quality electronic enclosures and server racking for the ICT and
other specialist markets.

Precision ICT manufactures the Modrac and Envirorac ranges of products. And according to Pinnacle, it is the single largest manufacturer of electronic enclosures in Africa and
exports products to the United Kingdom, Middle East, Europe and Africa.

Both companies operate out of a state of the art 10,000m2 factory in Wynberg,
Sandton.

Arnold Fourie, CEO of Pinnacle, said that the rapid global increase in cloud computing means that data centres need to expand to keep up, especially as more and more companies turn to cloud computing solutions. “Data centres are at the very epicentre of the Cloud,” he said.

“More and more data centres need to be developed to keep up with the increase
in data availability and management. The acquisition of Precision ICT and
Modrac allows Pinnacle to participate in this critically important market
development.”

Fourie said that the incorporation of Precision ICT’s productive capacity into
the group will add considerably to the existing capacity of the earlier acquisition of JAG Manufacturing, and will see the return of the Modrac and Envirorac ranges of racking products into the portfolio of products marketed by the Pinnacle.

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Pinnacle makes double acquisition