Johannesburg - Metrofile Holdings Limited
(JSE: MFL), a market leader in records and information management, on Monday
announced that Competition Commission approval has been granted for its 100%
acquisition of Tidy Files.
A leading provider of
end-to-end document management and storage solutions in Southern
Africa. Initially announced in June 2017 subject to approval,
Metrofile said the R75 million acquisitions have been funded with cash
resources and is official as of 1 August 2017.
Pfungwa Serima, Group Chief Executive
Office (CEO) at Metrofile Holdings Limited, said that the acquisition was
aligned with the company’s strategic growth objective, “Through the acquisition
of Tidy Files, Metrofile can complement and expand its client service offering
across Africa and the Middle East, providing
an even more complete range of filing and archiving solutions across all
industries.”
Tidy Files is a leading
provider of end-to-end document management and storage solutions in Southern Africa, renowned for the design, supply and
implementation of Paper-based and Electronic Document and Records Management
Solutions.
Serima said that Tidy Files
was a perfect fit for the growing Metrofile brand. Not only is it a leader in
its own right, the niche vertical solutions it provides are opportunities for
Metrofile to grow and expand within its current client base: “Tidy Files is a
good business and we are already seeing the benefits for both brands unfold as
we move forward as a Group.”
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He said one such solution was
an end-to-end digital filing solution, which uses highly advanced software to
turn raw customer data, on demand, into formatted, ready-to-use documents:
“Digital offerings are key to growth and being able to provide current and new
clients with an innovative digital solution that is customisable for any
industry is extremely attractive.”
Gavin Leonard, CEO, Tidy
Files, said that the timing was right for the Metrofile acquisition: “We have
grown the business into a recognised leader with the support and backing of
private equity firm Spirit Capital for the last ten years. Time to expand
and launch a new growth trajectory was imminent, so the Metrofile acquisition
was positively received and is an exciting new period for the company.”
Leonard said that the
executive management team would remain intact, and were inspired and motivated
to take on the new challenges presented by being part of a market leader such
as Metrofile. “We are looking forward to expanding beyond the South African
borders as well as taking advantage of the numerous leads into the local
enterprise sector thanks to the network within Metrofile.”