Sphere Holdings ups stake in BBD - TechCentral

Sphere Holdings ups stake in BBD

BBD CEO Peter Searle

BBD CEO Peter Searle

Sphere Holdings has acquired an additional 14,2% stake in independent software development house BBD for an undisclosed sum.

The all-cash deal sees Sphere’s ownership in BBD increased to 49,9%, with the charity Student Sponsorship Programme taking a further 1,1% stake.

As a result, BBD is now 51% black owned, the company said.

Sphere Holdings has been a major shareholder in BBD since 2007.

BBD was founded 32 years ago and generates turnover of R500m/year. It employs about 550 developers and describes itself as South Africa’s largest independent custom software development company.

Following the deal, BBD’s founders and management team retain 49% ownership and will continue in their current management roles.

BBD’s software is used by the likes of the South African Revenue Service, national treasury, the Independent Electoral Commission, the department of home affairs and the South African Reserve Bank. Private sector clients include Discovery, Momentum, Old Mutual, Liberty, Sanlam, Nedbank, Absa, Santam, Standard Bank and Vodacom.

BBD CEO Peter Searle said in a statement that the deal “increases BBD’s commercial competitiveness”. — © 2016 NewsCentral Media

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