Amid rumours that larger ICT companies might be eyeing the JSE-listed business as a potential acquisition target, Faritec says it is not interested in being bought out.
Consolidation within the ICT industry has stepped up over the last two years as companies within the sector seek to grow portfolios, protect margins and acquire scarce skills. Most recently, the Competition Tribunal turned down Telkom's bid to acquire IT services company Business Connexion.
Faritec has also played a part in industry consolidation. Last year, the company wrapped up its acquisitions of Enterprise Connection and Lechabile Storage Solutions. Yesterday, ITWeb reported Faritec had been selected as the preferred bidder for Software Futures.
Last year, company CEO Simon Tomlinson said the company was on track to achieve its R1 billion revenue target in its 2007 financial year. This would require the company to almost double its R530 million full-year revenue from 2006.
Faritec's interim results for the six months ended December 2006 saw the company deliver revenue of R472 million.
Responding to speculation that JSE-listed Datacentrix Holdings is interested in buying Faritec, Tomlinson says his company is not entertaining offers.
"I'm both a board member and a significant shareholder, and I can assure you we are not in discussions with any party that would see our business being sold.
"Our business strategies are just beginning to deliver the envisioned returns and to sell out now would be to sell ourselves short. Faritec is not for sale."
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