For some R217 million, listed technology firm, Adapt IT has bought CQS Technology Holdings – a company which provides audit, financial and risk management software services solutions to over 4,000 customers in 30 countries.
According to Adapt IT CEO, Sbu Shabalala (pictured), the acquisition was part of its plans to grow the business, and will enhance the company's diversification in the technology sector, as well as supplement its financial services and public sector markets' representation.
Shabalala said:
"Adapt IT and CQS can benefit from the synergy and scale advantages that already exist to leverage further opportunities to increase revenue and returns."
In recent years, Adapt IT, which provides software and related solutions to the education, energy, manufacturing and financial services sectors, has enjoyed significant growth, largely due to a combination of organic expansion and various acquisitions. In August this year, the company reported a 43% rise in turnover of R575 million for the year to June.
- CFO South Africa looks forward to welcoming the company at the Finance Indaba next year.
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