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morvest R16.2m paid for two IT firms

March 1 2013 at 08:00am

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Morvest Business Group, through its 50 percent subsidiary ITQ Business Solutions, had agreed to buy two information technology (IT) solutions businesses for R16.2 million from Bhavmon, it said yesterday. Morvest said it would pay cash for 60 percent of the shares in Isolve Business Solutions and SQLDB Technology Solutions. The effective date of the acquisition was set back to January 1. Morvest said settlement of the purchase would be in cash and was subject to the companies achieving their forecast profit before tax for this year and next. The conclusion of the deal is subject to delivery of financial statements, board and shareholder approval and completion of shareholder agreements. Both firms provide business intelligence solutions, enterprise solutions, custom development solutions. Morvest stock remained unchanged at 18c yesterday. – Asha Speckman


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