Adapt IT Holdings acquires remaining shares from education software specialist ITS Holdings Leading innovative IT services and specialised solutions provider, Adapt IT Holdings Limited will acquire the remaining 49% of ITS Holdings Limited with effect from 30 November 2010. The deal, worth R19.86 million, sees the existing ITS management team retained and is in line with the company’s stated acquisitive growth strategy.

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 higher and further 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.

 

 

 

 

Says Tiffany Dunsdon, Commercial Director responsible for concluding the acquisition, “We are delighted to have concluded this agreement to further our strategic objectives for the group”.