Investment holding company Sekunjalo is to sell Synergy Business Intelligence to an empowerment group as a part of its focus on enterprise development.
The company says it will sell Synergy to Kovacs Investments 901, a consortium of black economic empowerment investors, which includes some of Synergy`s management, for R27.5 million.
Sekunjalo is a black-controlled investment holding company in SA, with offices or points of representation in SA, Mauritius, UK and Namibia. It has a portfolio of investments in businesses that cover healthcare, pharmaceuticals and surgical commodities, industrials, fishing, IT, business intelligence and software development, financial services, private equity, advisory life and medical aid, and aquaculture sectors.
Synergy, which was founded in 1978, is a services business that sells, implements and provides training support for its business intelligence software offering. It was held in Sekunjalo`s informatics division.
Sekunjalo says it has a "significant presence" in the business intelligence arena through its 100% holdings in Synergy and Fios. Sekunjalo is selling Synergy in line with its commitment to enterprise development and empowering management.
Kovacs will pay R27.5 million for Synergy, of which R3 million is only due in three years. Sekunjalo will use the funds to reduce its financial liabilities, including its overdraft.
Sekunjalo is still moving ahead with plans to spin off and separately list its IT division, Sekunjalo Technology Solutions Group, which offers enterprise application software solutions.
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