Adapt IT Holdings have notified their shareholders that they have entered into an agreement to acquire South African ICT company Micros for $4,2 million (R61 million). The agreement is said to have been reached on 10 May 2017.
Micros is an ICT company that sells software, hardware, enterprise systems and also provides integration, consulting, support services and solutions to various clients, most of whom are in the hospitality industry.
"The rationale for the Acquisition of Micros , which is a leader in its vertical market, creates an entry into the hospitality industry, a new vertical for Adapt IT, further diversifying the Group." said Adapt IT in a statement to its shareholders explaining the rationale behind agreeing to acquire Micros.
Sbu Shabalala, CEO of Adapt IT, said that the numerous synergies between Adapt IT and Micros highlight the value of the
acquisition in augmenting Adapt IT’s overall growth strategy, not only in key sectors in South Africa but also in certain
markets in the rest of Afrika. “Adapt IT and Micros can benefit from the synergy and scale advantages that already exist to leverage further opportunities to increase revenue and capacity.”
Adapt IT also explained that Micros is a good fit for their business strategy, "it (Micros) provides, implements and supports world class complex niche software solutions for an industry in which it has deep vertical expertise acquired over 20 years."