Loading...
See More

Altech acquires software vendor

Dec 13 2010 12:00 I-Net Bridge

Related Articles

Altech sticks to global strategy

Altech suffers 28% profit slump

Altech slams set-top box delay

Altech beats economy blues

Altron unfazed by weaker numbers

Altech eyes acquisitions

 
Johannesburg - Technology group Allied Technologies [JSE:ALT] (Altech) said on Monday that it has acquired software vendor Swist Technology Solutions (Swisttech) for R52m.

Altech will pay R30m upfront. The balance is payable over three years and is dependent on specific profit targets being achieved.

The acquisition follows the completion of a satisfactory due diligence of Swisttech by Altech and approval by the board of Altech.

Swisttech is an independent software vendor focusing on infrastructure and integration services, mobility services and software development and is a major billing software vendor in the South African market.

Altech said its purchase of Swisttech unlocks significant synergies with its other operations, in particular Altech ISIS, a telecoms solutions provider and systems integrator with more than 60 million subscribers.

"This acquisition enhances our ability to move up the value chain by providing end-to-end solutions, particularly into the financial services and telecoms industries, in addition to augmenting our earnings profile," said Altech CEO Craig Venter.

The acquisition enables Altech to offer a turnkey billing solution, which Venter said is attractive to network operators.
altech
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...