The bid by Andile Ngcaba’s Convergence Partners to acquire 100% equity in Datacentrix from previously listed Alviva Holdings is going ahead following regulatory approval.
“All conditions precedent have been met. The Competition Commission and Independent Communications Authority of South Africa have unconditionally approved the transaction,” Datacentrix said in a statement on Wednesday.
The transaction aligns with Convergence Partners’ Digital Infrastructure Fund fund’s “strategy of investing in high-growth companies that are leading champions in their field with strong management teams and deep customer and vendor relationships”.
Datacentrix has been in the IT services industry for the past 25 years.
“We are heartened by the engagement to date with Andile Ngcaba and the rest of the Convergence Partners team – Stefan Ferreira and Ruveshan Moodliyar – and we look forward to leveraging this new partnership for the benefit of all stakeholders,” said Datacentrix CEO Ahmed Mahomed in the statement.
Mohamed said under the Convergence Partners umbrella, Datacentrix is going to focus on expanding its roots in South Africa and broadening its footprint “further into the continent and beyond”.
According to Ngcaba, who chairs the Convergence Partners board, the dawn of the AI revolution in enterprise presents a big opportunity for Datacentrix.
“We are entering Datacentrix at a time when the market is transitioning towards an AI-driven enterprise, telco and public sector. With Datacentrix’s strong partnerships with leading global OEMs (original equipment manufacturers), we will be forging new partnerships as the market consolidates,” said Ngcaba. – © 2024 NewsCentral Media