ITQ, a wholly-owned subsidiary of Simeka BSG ("Simeka"), has merged part of its outsourcing capability with Mindkey (Proprietary) ("Mindkey"), a bespoke outsource development company, into a new company called ITQ Business Solutions.
Simeka's ITQ provides enterprise business solutions that include bespoke software development, Oracle applications and business intelligence.
Simeka will have a 50.1% shareholding in ITQ Business Solutions, and Mindkey the remaining 49.9%. The merger is effective 1 December 2007.
Mohammed Varachia, CEO of Simeka, expressed his excitement, saying: "The outsource development business of Mindkey includes Microsoft and Oracle applications, applications that ITQ is very familiar with. Mindkey already has a major consulting contract with one of South Africa's leading insurance companies and some smaller contracts in the financial sector, which gives us an immediate footprint into the financial sector, a sector we have always expressed a keen interest in."
ITQ Business Solutions will have a turnover of approximately R60 million, a professional staff complement of 90 people and, with Simeka's strong BEE credentials, the opportunity to grow the outsourcing capabilities and opportunities.
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