DURBAN – Adapt IT Holdings plans to acquire Wisenet Group and Wisenet SG for R53.42 million to grow its software presence in Australasia.
The purchase consideration for the acquisition is Singapore $5.2 million (R53.39m) with potential earn-out adjustments over the next three years, Adapt IT said yesterday.
Adapt IT chief executive Sbu Shabalala said that the acquisition of Wisenet provided Adapt IT with an entry into the education sector in Australia.
“Wisenet has a 20-year track record in the Australian market and has built a credible reputation as the leading cloud-based learning relationship management platform provider in the education sector,” Shabalala said.
The group expected the acquisition to complement its education division’s growth strategy and would provide Adapt IT with access to key proprietary software, customers and markets in the Australian education sector.