{"id":28028,"date":"2012-12-06T17:42:29","date_gmt":"2012-12-06T15:42:29","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=28028"},"modified":"2012-12-06T18:27:36","modified_gmt":"2012-12-06T16:27:36","slug":"foneworx-in-value-acquisition","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/28028\/foneworx-in-value-acquisition\/","title":{"rendered":"FoneWorx in Value+ acquisition"},"content":{"rendered":"<p>FoneWorx, a telecoms and IT solutions provider, and Value<sup>+<\/sup> Network (V+), a group founded by William Kirsh, have announced a merger agreement.<\/p>\n<p>FoneWorx will purchase the business of Value+ for\u00a0R191.18 million, payable in FoneWorx shares priced at R2.11 per share.<\/p>\n<p>Value+ will be renamed Value+ Cluster and will become a wholly owned subsidiary of FoneWorx, while FoneWorx will undergo a name change to\u00a0Value+Network.<\/p>\n<p>For the financial year ended June 2012 FoneWorx generated turnover of R98.6\u00a0 million, EBITDA of R 33.1 million and\u00a0cash on hand approaching R100 million.<\/p>\n<p>Based on the most recent audited financials and management accounts for V+, the group generated consolidated annual turnover of R154.4million.<\/p>\n<p>V+ will be led by William Kirsh, founder and executive chairman designate and Mark Smith, currently CEO of FoneWorx, will be CEO.<\/p>\n<p>William Kirsh said: \u201cI 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.\u00a0 We also have a mix of established businesses and others with \u201cblue sky\u201d potential.\u00a0 Furthermore, we are targeting big, growing and fragmented markets.\u201d<\/p>\n<p>Value+ comprises of the following subsidiaries:<\/p>\n<ul>\n<li>Opengate Technologies;<\/li>\n<li>Amazing Vouchers,\u00a0a voucher based subscription service;<\/li>\n<li>Eighty20, a niche management consultancy specialising in data\u00a0analytics, actuarial projection modelling and consumer market profiling;<\/li>\n<li>WOW Marketing;<\/li>\n<li>One Point, which consolidates an individual\u00b4s\u00a0membership of multiple loyalty programmes, customer clubs and gift cards into an easy to use\u00a0web-based platform.<\/li>\n<\/ul>\n<h3 class=\"my-4\">Related articles<\/h3>\n<p><a title=\"FoneWorx completes Kirsh Family deal\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/22886\/foneworx-completes-kirsh-family-deal\/\"><strong>FoneWorx completes Kirsh Family deal<\/strong><\/a><\/p>\n<p><strong><a title=\"FoneWorx investors approve Kirsh Family deal\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/19208\/foneworx-investors-approve-kirsh-family-deal\/\">FoneWorx investors approve Kirsh Family deal<\/a><\/strong><\/p>\n<p><strong><a title=\"FoneWorx to change direction\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/17618\/foneworx-points-to-directional-change\/\">FoneWorx to change direction<\/a><\/strong><\/p>\n<p><strong><a title=\"Two directors leave FoneWorx\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/7076\/two-directors-leave-foneworx\/\">Two directors leave FoneWorx<\/a><\/strong><\/p>\n<p><strong><a title=\"FoneWorx reports 14% rise in H1 revenue\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/6943\/foneworx-reports-14-rise-in-h1-revenue\/\">FoneWorx reports 14% rise in H1 revenue<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FoneWorx, a Telecoms and IT solutions provider, and Value+ Network (V+), a group founded by William Kirsh, have announced an intention to merge.<\/p>\n","protected":false},"author":10,"featured_media":4945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[25,1807,4802,4801],"class_list":["post-28028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-active","tag-foneworx","tag-v","tag-value-nettwork"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/28028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=28028"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/28028\/revisions"}],"predecessor-version":[{"id":28031,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/28028\/revisions\/28031"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/4945"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=28028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=28028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=28028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}