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05 Nov 2010INFOTECH: Remaining Shares in Education Software Specialist Purchased
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ITS Holdings Limited develops and implements tailored end-to-end business and technology solutions for the higher and further education sector. A significant strength of ITS Holdings is that 50% of total revenues are recurring, emanating from annual software licences and existing maintenance contracts.
Adapt IT Holdings CEO, Sbu Shabalala says the transaction results in 100% ownership of ITS Holdings and strengthens the company’s strategic alignment of ITS Holdings and its diversified portfolio of software solutions within the Adapt IT Group. “While we will continue to grow organically, acquisitions form an important part of our overall growth strategy. Concluding this deal with ITS Holdings makes both strategic and operational sense for the Group. The acquisition results in the strengthening of ITS Holdings’ B-BBEE ownership credentials and Adapt IT Holdings’ presence in Gauteng”
Derick Jordaan, CEO of ITS Holdings says that the company brings with it over 24 years of IT experience with a proven track record in the tertiary and higher education market and a client base in excess of 40 universities, polytechnics and colleges worldwide. “In addition to the higher and further education sector, ITS Holdings has also expanded into other industry sectors, such as energy, local government and finance.” Jordaan says these niche services will assist Adapt IT Holdings to further diversify both from an industry sector perspective and regional standpoint.
The Adapt IT Holdings Group has 260 employees throughout South Africa, and conducts business through three subsidiaries: Adapt IT Solutions, ApplyIT and ITS Holdings. The Group has over 80 customers in South Africa, East Africa, Australasia, United States and Europe and its services and solutions span the complete IT life-cycle from consulting and application design through to delivery and support.
Business News Sector Tags: Infotech|
