Telkom target BCX buys into Nigerian firm

Telkom acquisition target, Business Connexion (BCX), has acquired a 30% strategic interest in AppZone, an information technology solutions provider in Lagos, Nigeria.

AppZone providers solutions specifically focused on the financial services sector.

Telkom announced in May that it has entered into an agreement to acquire the listed ICT group, BCX, in a R2.7 billion cash offer.

Telkom said it would terminate the listing of the BCX ordinary shares on the main board of the JSE should the proposed transaction be approved.

AppZone has 51 employees and deploys technology platforms to financial institutions that enable end-users remotely access financial services and consummate financial transactions using a wide range of connected electronic devices.

BCX is a South African cloud based services provider with offices in Africa, the UK and Dubai. The Company employs more than 6,700 people on the African continent and generates revenue in excess of R6 billion per annum.

Business Connexion COO, Matthew Blewett, said: “BCX is pleased to be associated with Appzone. They have a remarkable asset-base of e-payment software products and intellectual property, and we’re looking to jointly seize the financial services opportunities within Nigeria and ultimately across Africa.”

“The transaction provides an unique opportunity for Business Connexion to grow its existing footprint in a key growth market in Africa and represents a natural extension of the group’s cloud strategy.”

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Telkom target BCX buys into Nigerian firm