JSE-listed Adapt IT has acquired a 100% stake in South African oil and gas consultancy Aquilon in a deal worth R98m.
The acquisition will allow Adapt IT to expand into Africa’s fast-growing energy sector and strengthen its SAP solutions expertise.
Aquilon was founded in 2006 and specialises in SAP consulting through design, implementation and support of SAP IS-Oil and other supply chain IT solutions. It serves six major oil companies.
Adapt IT CEO Sbu Shabalala says his company was adjacent to the energy and technology sector, and its clients already have strategies into buying fuel.
Shabalala says Adapt IT realised there was a lot of activity in Africa around oil and gas exploration. “We will now be in a position to consult and assist oil companies to improve efficiency, reduce fuel theft and improve the process of distribution.”
Shabalala says the goal with Aquilon is to grow the business’s revenues by more than 30%/year and to diversify into other areas of energy, including renewable energy further down the line.
Aquilon MD Derek Szabo says the deal brings together the professional experience of Aquilon and Adapt IT, which will enhance the combined entity’s energy industry strategy and strengthen its ability to improve controls and efficiency in the oil and gas supply chain.
Adapt IT shares were up by 0,2% on Tuesday afternoon at R4,19/share. — (c) 2013 NewsCentral Media