Alviva Holdings has secured the regulatory go-ahead for its R185-million acquisition of rival Tarsus Technology Group.
TechCentral first reported on 13 October 2020 that the two companies were in discussions about a deal. Alviva then firmed up an offer on 12 November, saying it would pay a maximum of R185.4-million in cash for Tarsus.
All conditions precedent to the deal have now been fulfilled or waived, Alviva told shareholders on Thursday. As a result, the acquisition will be implemented with effect from 1 July.
Tarsus, which was previously known as MB Technologies and which was previously listed on the JSE, was founded in the mid-1980s by businessmen Leo Baxter and Mike McGrath, neither of whom are still involved.
Alviva CEO Pierre Spies is a former CEO at Tarsus and so understands the business intimately. The sale provides an exit to shareholders, including banking group Investec.
Tarsus Technology Group has two main operating subsidiaries: Tarsus Distribution, which owns South African, Botswanan and Namibian IT distribution operations, and Tarsus on Demand, which operates a cloud solutions business. — (c) 2021 NewsCentral Media
