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
Apr 21 2021

Adapt IT tells shareholders not to feel pressured over buyout decisions

by Mudiwa Gavaza
The Huge Group is setting a premature deadline regarding its offer, company says Adapt IT has warned shareholders not to be pressured into making a decision regarding an unsolicited buyout offer by technology company Huge Group. Earlier this year, Huge made an R800m takeover bid for its peer Adapt IT, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors. Adapt IT is also reviewing an offer from Canadian-based Volaris. On Wednesday, Adapt IT, headed by CEO Sbu Shabalala, said it has received information that some of its shareholders are being coerced to make a decision about the Huge offer by April 22. However, shareholders have until July 23 to do so. “It has come to the company’s attention that certain central securities depository participants are requesting Adapt IT shareholders [to] respond to the Huge offer by [Friday], April 22 2021, which is not the deadline for the offer,” said Adapt IT. “Adapt...Read More
Apr 07 2021

Adapt IT receives R1bn cash offer from Canadian firm

by Mudiwa Gavaza
Software company Volaris Group offers R6.50 a share in all-cash bid for SA tech group Technology group Adapt IT, which recently had a takeover bid by telecoms company Huge Group, has received an all-cash offer for its business from a Canadian software company. On Wednesday, Adapt IT said it had received an offer for 100% of its shares by Volaris Group. The company has offered R6.50 a share, which represents a premium of 56.3% to the closing price of Adapt IT's shares as at April 1. Adapt IT, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors, had been subject to an R800m takeover bid from Huge Group in the first quarter of this year. The new offer values Adapt IT at about R1bn, while its market cap stood at R640.4m on Wednesday. Adapt IT said the deal with Volaris would result “in a well-governed diversified SA technology company with high growth ambitions being backed by a well-capitalised leading...Read More
Mar 10 2021

Adapt IT looks to return to strategy of acquisition growth

by Simon Brown
Viv Govender of Rand Swiss on the market after local GDP numbers. AdaptIT CEO Sbu Shabalala on decent interim results as annuity income grows. AfroCentric CEO Ahmed Banderker on diversity boosting its interim results....Read More