The current chief financial officer, Naahied Gamieldien, will serve as the acting chief executive until further announcement. Photo: Supplied
The current chief financial officer, Naahied Gamieldien, will serve as the acting chief executive until further announcement. Photo: Supplied
The transaction value for AYO is estimated to be R165 million for the 55 percent equity in Sizwe. File Image: IOL
The transaction value for AYO is estimated to be R165 million for the 55 percent equity in Sizwe. File Image: IOL

CAPE TOWN – AYO Technology Solutions’s acting chief executive Naahied Gamieldien said on Tuesday that the group’s acquisition of Sizwe Africa IT Group was is significant for AYO and was in line with its strategy to use Group synergy to create stakeholder value through innovative products and services.

Gamieldien’s comments come after AYO’s announcement on Tuesday where the tech firm acquired 55 percent of Sizwe Africa IT Group. 

“The transaction is significant for AYO with its additional estimated R1 billion annual revenue to the Group, and is in line with its strategy to use Group synergy to create stakeholder value through innovative products and services. Sizwe’s business model directly complements that of AYO’s, which will facilitate the growth prospects within the AYO Group,” she said.

The company said in a statement that this acquisition was in line with it’s “go-to-market” strategy and served as further evidence of AYO’s resolve to implement the objectives of its strategic roadmap, which saw it continuing to significantly grow its underlying operations, assets and investments. 

“The investment into Sizwe is set to more than double AYO’s revenue and significantly contribute to growing its bottom line. The Group maintains its position as a rapidly expanding, innovative partner of choice for many leading organisations” the statement read.

The transaction value for AYO is estimated to be R165 million for the 55 percent equity in Sizwe.

Sizwe Africa IT Group is one of South Africa’s leading integrated ICT solution providers, driven by passion and skill and employs about 800 people nationally. Its holistic approach ensures that its clients benefit from the value contributed across the entire ICT value chain.

Since its inception in 2001, Sizwe offers various ICT services to its customers, including a focused spectrum of physical infrastructure, metro and long-distance optic fiber, facility management, continuous energy supply, networking and security to hosting, storage server processing, mobility, data centre, end-user computing and associated consumables.

– BUSINESS REPORT ONLINE