Newly listed technology company 4Sight Holdings has entered into an agreement to acquire the shares in Age Technologies for R80 million, including R42.8 million cash, and the remaining amount in shares.
The announcement comes days after 4Sight entered into an agreement to purchase engineering technology company, BluESP Holdings for R54.8 million.
4Sight is a technology group investing in established ‘Industry 4.0’ companies using technologies such as artificial intelligence (AI), machine learning (ML), algorithms and the Internet of Things (IOT).
Age is a systems integrator, with presence in 15 countries. The company offers controls systems, instrumentation, green energy and information technology communications and provides professional system integration of automation and electrical engineering projects.
“Age has an established track record as a systems integrator providing a variety of sensors, control systems and other industrial devices known as the “Internet of Things” and forms an important part of the vertical stack of services to mining and manufacturing companies,” 4Sight said by way of rationale for the acquisition.
“Intelligent algorithms are required to glean data from such equipment and thus the acquisition is complementary to the separate acquisition of BluESP by 4Sight Holdings, which provides data analytics to the same market. Certain of their products or solutions will also be complementary to the telecommunications vertical under Digitata and the property solutions under GLOVent,” it said.
It said that the net asset value of Age as extracted from the Annual Financial Statements for the year ended February 2017 was R11,020,972 and the profit after tax was R2,700,482.
Read: 4Sight lists on the JSE