Altech has bought software vendor Swist Technology Solutions (Swisttech) for R52m. It will pay R30m upfront, with the balance to be paid over three years, depending on whether specific profit targets are achieved.
Swisttech management and staff will stay on board and key senior staff will be given four-year contracts with Altech. The company provides infrastructure and integration services, billing products, mobility solutions and software development.
Altech is hoping to bolster its own product lines through the deal, providing solutions to financial services and telecommunications businesses.
“It allows Altech to offer a turnkey billing solution that is very attractive to network operators, with the added advantage of having to deal with only one supplier for the majority of their required business functionality,” says Altech CEO Craig Venter.
Venter says Swisttech has a strong research and development focus. “The company has produced profitable results since its inception,” says Venter. — Staff reporter, TechCentral
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