Adapt IT expands in Australia


Adapt IT expands in Australia

Published Date: 2019-01-10 | Source: Stephen Gunnion | Author: Stephen Gunnion

Adapt IT expands in Australia

The R54 million deal will boost its education division and supplement foreign-currency earnings.

Adapt IT is buying Australian IT software group Wisenet in a deal worth about R54 million, which it says will complement its education business and grow foreign-currency earnings.

The Wisenet Group is headquartered in Melbourne and has regional offices in Queenstown, New Zealand and Singapore. It was founded in 1997 and provides a 'Software as a Service' (SaaS) leading relationship management system to registered training organisations. It has 11% of the Australian market and similar market share in its other territories, according to Adapt IT.

Apart from complementing its Education Division growth strategy, Adapt IT says the deal will provide it with access to key proprietary software, customers and market in Australia's higher eduction sector.

Adapt IT will pay minimum of SGD$5.216 million, or R53.7 million, for the business, less any applicable purchase price adjustments.

In November,it bought mobile specialist Conor Solutions in a deal that it said would strengthen its telecommunications offering. The R80 million acquisition will give it access to key proprietary software customers and markets.

Its shares closed 1.5% down at R6.40 yesterday.

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