Randvest Technology Holdings, a new investment vehicle chaired by former BCX CEO Isaac Mophatlane has bought 100% of ICT infrastructure provider Bridging Technologies SA (BT-SA).
Mophatlane, who resigned last year from BCX — a company he co-founded with his late brother, Benjamin, and which was acquired by Telkom in 2015 for R2.7bn — plans to use Randvest as a vehicle for investing in South Africa’s technology sector.
The value of the BT-SA acquisition has not been disclosed, but Mophatlane described it in a podcast interview with TechCentral on Wednesday as “significant”.
BT-SA was founded 35 years ago and specialises in data networking, communications, air-conditioning, electrical and security solutions.
“To bring about transformation and growth, as well as to establish itself as a significant contributor to South Africa’s economy, the company required change to achieve these goals,” BT-SA said in a statement.
“The new board of directors will play a significant part in the strategic growth and development of the company,” said Mophatlane. The board now consists of Randvest’s Mophatlane, Themba Gumbi and Lawrence Weitzman.
Former directors Bertie Strydom and Erik Jordaan will continue to be involved in the day-to-day running of business, but as external consultants.
In the podcast, Mophatlane said Randvest will provide strategic support to management. He will sit on the BT-SA board as an executive director. BT-SA is in the process of recruiting a new CEO to lead the business.
As far as further investments are concerned, he said Randvest is looking at opportunities “all the time”. He expects to conclude two more acquisitions by the end of the year.
“We are using a lot of our own balance sheet, so we need to be wise in picking the right technology businesses,” he said. “We are making a long-term play in some of these businesses.” — © 2018 NewsCentral Media
- Listen to the podcast with Isaac Mophatlane