JSE-listed technology firm Morvest is getting into … bedding.

The company told shareholders on Tuesday that its subsidiary Morvest Retail, through its business Whoohaa, will buy “certain business assets and business liabilities” of well-known mattress maker Simmons for R75m.

Morvest describes itself as a black-empowered business group, listed on the JSE for the past 10 years, that provides business support services, including professional and outsourcing services, ICT solutions and retail and consumer services to blue-chip customers. It represents companies such as Microsoft, Oracle and SAP and employs more than 2 000 people.

Morvest Retail is acquiring 75% of Simmons, with the current shareholders of the mattress maker buying the remaining 25%.

Simmons International is a leading mattress maker. It was founded in 1870 and has more than 148 patents. It was the first mattress company to introduce queen and king sizes.

“Today, Simmons is the fastest growing major brand bedding manufacturer, with a 64% growth in market share since 1986,” Morvest tells its shareholders in a statement.

“Since the 1920s, the company has expanded internationally, built a reputation for excellence and pioneering spirit, and is poised for continued growth and success in the decades ahead,” the IT firm says.

Simmons in South Africa is the local partner of Simmons Bedding Company, which markets and sells Simmons International’s products.

“Morvest has identified the business of Simmons, in line with its diversification strategy, as a strategic opportunity that could yield highly profitable returns and could create significant value for [its] retail portfolio,” the company says.