Adapt IT in R217m acquisition deal

Johannesburg - Information technology solutions company Adapt IT Holdings has acquired financial software services firm CQS Technology Holdings for R217m.

Adapt IT is listed on the Johannesburg Stock Exchange (JSE) and has over 570 employees operating from all major centres in South Africa.

The company provides IT solutions to the education, mining and manufacturing, energy, telecommunications and financial services sectors in 24 countries.

Meanwhile, CQS provides software services and solutions for audit, data analytics, controls monitoring risk management and financial reporting to over 4000 customers in 30 countries.

“The addition of CQS will, augment our financial services presence by adding the accounting and auditing professions as a vertical, and support our continued growth in South Africa and into the African market,” said Sbu Shabalala, CEO of Adapt IT.

Adapt IT’s share price was up nearly 2% in trade to R10.95 by midday on Monday in Johannesburg.