News

Sbu Shabalala’s successor Tiffany Dunsdon joined the BizNews team on Adapt IT’s results day. It’s been a rollercoaster of a year for Adapt IT, with the software business being the subject of a hostile takeover bid by the Huge Group and a friendly offer from Volaris. The Volaris cash offer of R7 per share looks a foregone conclusion with Adapt IT set to become another departure from the local bourse. Whilst all this has been happening, ex-CEO Sbu Shabalala resigned following allegations that he ordered an assault on his estranged wife’s partner. Dunsdon reflects on the challenges and difficulties faced since taking the reins only a few weeks ago. – Justin Rowe-Roberts On co-founding Adapt IT: I was the CEO of Infowave Holdings at the time and I had been for several years – I’ve been with Infowave since 1999. And in fact, Sbu (Shabalala) was previously with Infowave many moons ago. He started his business in 2003 and I was involved in that – on his board for a couple of years as an...Read More

Business Day TV speaks to Adapt IT CEO Tiffany Dunsdon Adapt IT had a tough year. The software services group has posted a 1% rise in annual revenue, as the effects of Covid-19 regulations weighed on its performance. Alishia Seckam spoke to Adapt IT CEO Tiffany Dunsdon for her perspective on the results...Read More

...Read More

End of share-swap leaves 29% of Adapt IT investors still on the fence over Volaris offer...Read More

...Read More

Adapt IT shareholders yesterday voted overwhelmingly in favour of Canadian software group Volaris’s buyout offer. Yesterday, shareholders adopted all resolutions set out in Adapt IT’s notice of general meeting with regards to the Volaris cash offer of R7 per Adapt IT share, including delisting from the JSE following the implementation of the transaction, if required. Some 69.82% of Adapt IT shareholders, holding 95 834 979 shares, voted in a move that has now sealed the fate of the Huge Group bid. The two companies, Huge Group and Volaris, have been aggressively pushing Adapt IT shareholders to accept their respective offers. The Volaris offer accepted by majority shareholders yesterday was tabled last month after rival suitor Huge Group presented Adapt IT shareholders with a fresh offer of R9.09 per share from the initial R5.52. The offer price baiting followed recommendations by Nodus Capital, which Adapt IT appointed to evaluate the bid, that a fair price range for Adapt IT is R7...Read More