News

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

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

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

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

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

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