MB Tech, a wholly-owned\u00a0subsidiary of MB Technologies, is set to acquire listed\u00a0information security\u00a0company, SecureData for R86.3 million.<\/p>\n
Shares in SecureData\u00a0advanced 5.5% to 38 cents in trade on the JSE on Thursday (21 November), giving the group a market cap of R93.6 million.<\/p>\n
MB Technologies is the\u00a0holding company of Tarsus Technologies, which provides IT services including, inter alia, logistics solutions incentive schemes, training programmes, financing\u00a0solutions and focused product management strategies.<\/p>\n
The deal would see SecureData\u00a0terminate its listing\u00a0on the JSE.<\/p>\n
“The implementation of the proposed transaction, which will add significantly to the products, services,\u00a0client base and skills set within the combined businesses, is expected to build scale to both businesses\u00a0which would benefit from synergies and cost savings resulting in a more efficient organisation with\u00a0increased diversification,” SecureData said in a statement.<\/p>\n
Shareholders,\u00a0representing in aggregate 80.6% of the SecureData Shares eligible for voting, have voted in favour of a deal between the two\u00a0companies.<\/p>\n
In October, SecureData\u00a0reported a\u00a0recovery\u00a0in operations\u00a0for the twelve months ended July 2013, following a successful restructuring of the business.<\/p>\n
The group improved its revenue R290 million, from R222 million in 2012, with a headline earnings per share of 1.1 cents, from a prior headline loss of 15.2 cents.<\/p>\n
Group earnings before interest, taxation, depreciation and\u00a0amortisation (ebitda) from continued operations\u00a0showed a small return to profitability\u00a0to R0.039 million, from a prior loss of R45 million.<\/p>\n
Group headcount was reduced from 140\u00a0to 104.<\/p>\n
Cycling accident forces MBT CEO resignation<\/strong><\/a><\/p>\n SecureData returns to profitability<\/strong><\/a><\/p>\n