Jun 08 2021

CaseWare Africa launches Trust Tax, A Cloud-Based Tax Return Solution

by Staff Writer - Tech Financials
Michael Mncube CaseWare Africa CaseWare Africa, part of the Adapt IT, has launched a holistic, cloud-based tax return solution designed especially for trusts. Michael Mncube, Tax Product Manager at CaseWare Africa, says that the new software enables tax practitioners to handle all tax administrative matters relating to trusts in one application, including the preparation, calculation, and submission of IRP6 and ITR12T tax returns directly to SARS. “Administering trusts is complex and the tax authorities are especially rigorous in their oversight of trusts, thus further raising the stakes for administrators. Trust Tax provides practitioners with a single application that makes it possible to keep track of all trustees and beneficiaries, as well as managing all trust administration and tax-related matters,” he says. “In the age of remote work, practitioners are enabled with greater flexibility as Trust Tax is offered via CaseWare Cloud, which means it is available from any location, on...Read More
Jun 07 2021

Volaris tables fresh offer in Adapt IT buyout race

by Samuel Mungadze
Canadian software group Volaris has increased its cash offer for Adapt IT in response to rival suitor Huge Group’s bid. The company announced a new, improved offer of R7.00 per Adapt IT share, up from the previous R6.50. It says this represents a premium of 68% to the closing price of Adapt IT shares of R4.16 on 1 April 2021, being the last trading date prior to the date on which Volaris and Adapt IT entered into the Volaris offer agreement. The Volaris offer came a week after Huge Group presented Adapt IT shareholders with a fresh offer of R9.09 per share from the initial R5.52. The latest development comes after Nodus Capital, which Adapt IT appointed to evaluate the bid, concluded that a fair price range for Adapt IT is R7.00 to R9.09 per Adapt IT share. Huge Group responded first with a measurable offer of R9.09 per share, but on Friday, Volaris also tabled its improved offer. “The Volaris offer presents an opportunity for Adapt IT shareholders to realise their investment for a...Read More
May 31 2021

Focus in Adapt IT takeover shifts to Volaris as Huge tables new offer

by Samuel Mungadze
Huge Group CEO James Herbst Focus in Adapt IT takeover has shifted to Canadian software group Volaris after rival suitor Huge Group dramatically upped its bid on Friday. The James Herbst-led Huge, which is aggressively trying to lure Adapt IT shareholders, tabled a new goodly offer of R9.09 per share from the initial R5.52 cents. This is based on increasing the swap ratio of Huge Group shares offered per Adapt IT share from 0.9 to approximately 1.37 Huge shares, the company said. The Adapt IT independent board now has five business days to respond to Huge Group’s offer, and provide its opinion to shareholders. The latest move by Huge Group comes less than two weeks after Adapt IT shareholders were advised to reject the telecoms specialist’s initial offer. Nodus Capital, which Adapt IT appointed to evaluate the bid, concluded that a fair price range for Adapt IT is R7.00 to R9.09 per Adapt IT share. Accordingly, the company considered Huge Group offer being unfair and unreasonable to...Read More
May 17 2021

Adapt IT rejects Huge Group takeover bid

by Staff Writer - Business Tech
Listed ICT group Adapt IT has called on shareholders to reject a bid from telecoms company, Huge Group, to acquire a controlling share of the company. Huge Group earlier this year made a move to acquire 100% of Adapt IT through an offer of a share issuance, equal to 0.9 ordinary shares in Huge for each Adapt IT share. Adapt IT appointed an independent group – Nodus Capital – to assess the offer and perform a detailed valuation of its shares. “Based on the results of the procedures performed and other considerations, (Nodus) concluded that a fair price range for Adapt IT is R7.00 to R9.09 per Adapt IT share. Accordingly, (Nodus) is of the opinion that the Huge offer consideration is unfair and unreasonable to Adapt IT Shareholders,” the group said. The Huge offer works out to be “materially below that fair price range”, Nodus said. The group said in a circular that although the Huge offer was higher than the traded price of Adapt IT at the time when it was first announced, the...Read More
Apr 28 2021

Thomson Reuters, Adapt IT Expand Relationship to Prioritise Technological Agility in Sub-Saharan Africa

by Thomson Reuters, Adapt IT
Strategic collaboration will help region’s technology-enabled businesses accelerate digital transformation and operational efficiencies Johannesburg, South Africa, 28 April 2021 – A newly expanded collaboration between Thomson Reuters, a leading provider of business information services, and Adapt IT, a reputed service provider of leading specialised software and digitally-led business solutions in Sub-Saharan Africa, will enable more businesses across the region gain competitive advantages through the technology solutions both provide. With economic recovery and growth for the region forecast at 2.7% for 2021 according to the World Bank, the drive for digital transformation across business in multiple industry sectors is accelerating following a year of contraction driven by the COVID-19 pandemic. The combined capabilities of Thomson Reuters and Adapt IT ensure a broader range of technology implementations, increased operational efficiencies, and enhanced maintenance and service...Read More
Apr 22 2021

Adapt IT Education signs MOA with University of Namibia on digital teaching and learning

by Adapt IT Education
From left: Dr Maggy Beukes-Amiss, Director: Centre for Open, Distance and eLearning (CODeL), Prof Kenneth Matengu, Vice-Chancellor: University of Namibia, Luxolo Rubushe, Managing Director: Adapt IT Education, Prof Erika Maass, Director: Academic Affairs, Erkkie Haipinge, Deputy Director: eLearning, Centre for Open, Distance and eLearning (CODeL). JSE-listed Adapt IT Holdings (Adapt IT) officially formalised its partnership with the University of Namibia (UNAM) to achieve the commercialisation of distinct solutions at partner institutions, the co-creation and co-investment in niche solutions that can be potentially rolled out across the markets Adapt IT serves and leveraging technology resources to address a particular need. The partnership cemented in the form of a memorandum of agreement (MOA) strengthens the existing relationship between Adapt IT Education and UNAM at a strategic and technology transfer level. Adapt IT Education will help position and support the UNAM as a Centre...Read More