JSE-listed technology services company Business Connexion (BCX), which is currently the subject of a R2,7bn takeover bid by telecommunications group Telkom, has itself acquired a 30% stake in a Nigerian company, AppZone, which provide IT solutions to the financial services sector in Lagos.
The value of the deal has not been disclosed.
AppZone has 51 employees and deploys technology platforms to financial institutions that allow their customers to access financial services remotely and conduct transactions using a wide range of connected electronic devices.
BCX chief operating officer Matthew Blewett says AppZone has a good asset base of e-payment software products and related intellectual property. “We’re looking jointly to seize the financial service opportunities within Nigeria and ultimately across Africa,” he says in a statement.
“The transaction provides an opportunity for BCX to grow its existing footprint in a key growth market in Africa and represents a natural extension of the group’s cloud strategy.” — © 2014 NewsCentral Media