EOH has announced it plans to acquire 100% of the long-established Cornastone group of companies, subject to regulatory approvals.
The black-led Cornastone has been in business for more than 15 Years and has annual revenue of over R300m. It employs over 280 people and has about 100 enterprise customers.
The value of the acquisition has not been disclosed.
In a statement, EOH CEO Asher Bohbot said the deal will enhance the group’s service offerings.
“Cornastone is a recognised leader in its field, has an extremely strong management team and a skilled employee base,” Bohbot said.
Among other things, Cornastone provides niche support services to telecommunications network operators in the areas of call centre operations, billing operations, revenue assurance and operational data analysis; provides application managed services for high availability and business continuity; and provides revenue management and revenue protection solutions to the public sector.
Cornastone CEO Lufuno Nevhutalu said the two companies will add value to the combined customer base.
“The cultural fit, shared value systems and entrepreneurial spirit made EOH a natural home for our business and people,” said Nevhutalu in the statement. “Joining the broader EOH platform enables Cornastone to reach many more customers, expand geographically and enhance its delivery capacity.
The partnership creates new opportunities for professional growth for our staff, and as an executive team we are all fired up to unlock the synergies between the businesses.”
EOH’s share price was trading marginally lower soon after the announcement of the deal was made. The counter has added 17% in the past year. — © 2017 NewsCentral Media
