DURBAN - IT service management company 4Sight Holdings has entered into an agreement to acquire the entire issued share capital and loan account claims of the Foursight South Africa group, effective from January 1 for R85.57 million payable in cash and R11.69m through the issue of 36 941 800 million 4Sight Holdings shares at R2.00 a share.
Despite the positive news, the group traded lower on the JSE yesterday, as the share price was down by 4.29 percent throughout the day.
4Sight Holdings has its headquarters in Mauritius and has a market capitalisation of just more than R650m.
The acquisition will give 4Sight control over all of Foursight South Africa subsidiaries.
“Foursight South Africa and its subsidiaries will become subsidiaries of 4Sight Holdings and will adhere to the provisions of the JSE listing requirements,” the group said.
Foursight South Africa was originally created as a public holding company in 2016 to acquire Industry4.0 technology companies operating in digitisation implementation, data science, data management, process mining, dashboard technology, enterprise architecture and customer relationship management solution areas, with the aim of listing on the JSE.
The listing was put on hold when Foursight South Africa approached Digitata Limited to join the group. “Following a request from Digitata, a Mauritian holding company was established for the listing, namely 4Sight Holdings. Pursuant to the listing of 4Sight Holdings, the various acquisitions can now be concluded,” the group said.
In the meantime, Foursight South Africa has announced that it has concluded an agreement to acquire three companies; 100 percent of Casewise South Africa, 100 percent of Visualitics and 87 percent of Fleek Consulting for undisclosed amounts.
The group said these acquisitions provide data analytic consulting and solutions, which supports the larger telecommunications, media and property solutions and the mining and manufacturing group solutions.
- BUSINESS REPORT