The Competition Commission has approved the acquisition by Canada’s Volaris Group of JSE-listed Adapt IT but has imposed conditions related to black ownership.
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Software services group Adapt IT eked out a 1% improvement in revenue in what will likely be its final set of results as a listed company on the JSE.
Huge Group has abandoned its efforts to play a role in the future of Adapt IT. That much is clear after it emerged on Tuesday that it has sold its 1.9% stake.
Newly appointed Adapt IT CEO Tiffany Dunsdon will remain based in Perth, where she has lived for the past 12 years.
Adapt IT, the software services group that is currently the subject of a takeover by Volaris Group, said on Tuesday that it expects to report a 1% improvement in revenue for the 12 months to June 2021.
Adapt IT CEO Sbu Shabalala has resigned with immediate effect after agreeing to go on a leave of absence three months ago related to serious armed assault allegations against him.
Huge Group’s efforts to acquire software services group Adapt IT appears to be all over bar the shouting. This after shareholders representing just 1.9% of Adapt IT shares accepted its offer.
Huge Group has been ordered to retract another video about its all-share offer to buy software services group Adapt IT, forcing it into an embarrassing climbdown as it works to secure the support of Adapt IT shareholders.
Three months after being forced to take down videos from its website in which it implored Adapt IT shareholders to accept its offer to buy the software services group, Huge Group has again gone on the offensive.
Businessman, entrepreneur, deal maker and advisor Duarte da Silva joins Duncan McLeod on the TechCentral podcast for a wide-ranging discussion about South Africa’s IT industry, with a specific focus on Dimension Data.