JSE-listed telecommunications company Huge Group has acquired a shareholding in Pansmart, an authorised distributor of Panasonic voice, video and CCTV products in South Africa.
The company will retain its name, but will incorporate Huge Group branding alongside its current branding. The value of the deal has not been disclosed.
Pansmart is a “strong challenger” in the South African PABX market, having been granted a distribution licence by Panasonic in 2016, Huge Group said in a voluntary statement to shareholders on Monday.
“Since then, Pansmart has expanded the Panasonic market share significantly, with a full technical and sales competency,” it said.
Rob Burger, MD of Huge Group subsidiary Huge Telecom, said in a statement that Panasonic’s range of “hybrid” PABXes, which include embedded analogue voice ports across the range, “allow for a simple and cost-effective PABX and GSM voice solution”.
“Pansmart’s Panasonic PABX and Huge Telecom’s GSM-based, full-suite telephony is a powerful connectivity combination,” Burger said.
“Having Huge Group and Huge Telecom as partners provides an added incentive for Pansmart to accelerate its channel growth by leveraging the synergy between its PABXes and the voice connectivity offering of our new sister company, Huge Telecom,” said Pansmart MD Louis Fourie.
Huge Group CEO James Herbst said the transaction grows Huge Telecom’s customer base while adding Panasonic to Huge Group’s product offerings.
Huge Group shares were trading unchanged at R5.80 shortly after 4pm on Monday. In the past year, the counter has shed 27% of its value. — (c) 2019 NewsCentral Media