JSE-listed EOH has announced that it is acquiring an equity stake of between 49% and 80% (depending on the country) in pan-African IT applications and business solutions provider Twenty Third Century Systems (TTCS) and its subsidiaries.
The value of the deal has not been disclosed.
EOH CEO Asher Bohbot said the deal will “significantly augment” its pan-African growth plans.
TTCS was founded 19 years ago by Ellman Chanakira and has focused on implementing business solutions and IT infrastructure across Africa and the Middle East, EOH said in a statement.
It operates in both the private and public sector, including the social security, tax and revenue collecting agencies, and has implemented solutions in a number of large mining and manufacturing enterprises and has developed proprietary solutions for key Government departments and agencies.
TTCS employs 400 people and has a presence in Zimbabwe, Zambia, Malawi, Kenya, Uganda, Rwanda, Botswana and Nigeria and has projects in several other countries including Ghana, Namibia, Tanzania and Cameroon.
EOH share price closed on Tuesday at R145,50, down by 6,1% on the session. In the past 12 months, the counter has added 71%. — © 2015 NewsCentral Media