Business Connexion has finalised its 100% acquisition of ICT management specialist firm Integr8 IT.<\/p>\n
The acquisition cost Business Connexion an estimated R126 million.<\/p>\n
The initial acquisition was pending an approval from the Competition Commission, which has now confirmed that all conditions of the transaction have been met, Business Connexion said in a statement.<\/p>\n
The total purchase consideration will be settled through an initial cash payment of R56 million, with the balance of R70 million payable as earn-out payments, over three years, the ICT group said.<\/p>\n
Integr8 IT is one of the largest privately owned ICT managed services companies on the African continent.<\/p>\n
It was established in 2001 and offers products and services around annuity based infrastructure management and managed services, targeted at the mid-market corporate sector throughout South Africa and Africa.<\/p>\n
Integr8 IT forms part of the Integr8 Group.<\/p>\n
\u201cWe\u2019re pleased with the finalisation of the acquisition of Intergr8 IT because we already have a 28% market share of the retail IT services market share in sub-Saharan Africa,” said Jane Canny, Business Connexion group executive for the UCS Division.<\/p>\n
“Intergr8 IT complements our growth strategy because it provides us with access to markets not historically serviced by Business Connexion.\u201d<\/p>\n
Robert Sussman, joint founder and joint CEO Integr8 IT said that the business deal between the two companies “makes sense:.<\/p>\n
\u201cFor the first time in South Africa there is a single company with 7,000 highly skilled personnel that span the continent, which scales the delivery of its services from the mid-market corporate to enterprise space,” he said.<\/p>\n
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