FoneWorx in Value+ acquisition

FoneWorx, a telecoms and IT solutions provider, and Value+ Network (V+), a group founded by William Kirsh, have announced a merger agreement.

FoneWorx will purchase the business of Value+ for R191.18 million, payable in FoneWorx shares priced at R2.11 per share.

Value+ will be renamed Value+ Cluster and will become a wholly owned subsidiary of FoneWorx, while FoneWorx will undergo a name change to Value+Network.

For the financial year ended June 2012 FoneWorx generated turnover of R98.6  million, EBITDA of R 33.1 million and cash on hand approaching R100 million.

Based on the most recent audited financials and management accounts for V+, the group generated consolidated annual turnover of R154.4million.

V+ will be led by William Kirsh, founder and executive chairman designate and Mark Smith, currently CEO of FoneWorx, will be CEO.

William Kirsh said: “I feel privileged to lead this new exciting group. We have clarity on our vision, our strategic purpose and have businesses which form a solid foundation from which to start building.  We also have a mix of established businesses and others with “blue sky” potential.  Furthermore, we are targeting big, growing and fragmented markets.”

Value+ comprises of the following subsidiaries:

  • Opengate Technologies;
  • Amazing Vouchers, a voucher based subscription service;
  • Eighty20, a niche management consultancy specialising in data analytics, actuarial projection modelling and consumer market profiling;
  • WOW Marketing;
  • One Point, which consolidates an individual´s membership of multiple loyalty programmes, customer clubs and gift cards into an easy to use web-based platform.

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FoneWorx in Value+ acquisition