Sizwe IT Group, a subsidiary of JSE-listed Ayo Technology Solutions, has entered a deal to sell shares in its Cyberantix cyber security business to ICT distributor Mustek for R20 million.
In a statement, Ayo says Sizwe Africa IT Group, an indirect 55% owned subsidiary of Ayo, entered into a sale of shares and claims agreement with Mustek and Cyberantix, for the sale of Sizwe’s 70% interest in the issued share capital of Cyberantrix.
The directors of Sizwe are Amit Makan and Pride Guzha, who are directors of Ayo, and Shabana Ebrahim, who is a director of Mustek.
The remaining 30% interest in Cyberantix is owned by NIL Data Africa, which is not a related party to Ayo or any of its subsidiaries.
According to Ayo, Cyberantix is a South African level 2 B-BBEE company that provides security operations centre-as-a-service, primarily focusing on cyber security solutions for small to medium enterprises, government and larger enterprises.
The company’s services include real-time monitoring, incident detection and response, as well as advanced cyber defence solutions, such as SOAR (security orchestration, automation and response) technologies.
These services help businesses mitigate cyber risks, ensure compliance and strengthen their overall security posture, it says.
Ayo notes Cyberantix operates with a modular approach to its security services, allowing businesses to scale their cyber security measures based on their needs.
The company offers services such as threat hunting, penetration testing, security architecture consulting and incident remediation. It is also involved in advanced cyber security disciplines, such as forensics, security engineering and red-blue teaming.
Mustek, whose directors are Hein Engelbrecht, Shabana Aboo Baker Ebrahim, Isaac Mophatlane, CJ Coetzee, Pamella Marlowe, Ralph Patmore and Shelly Thomas, is listed on the JSE.
As one of South Africa’s largest assemblers and distributors of ICT products, Ayo adds, the Mustek group has evolved into an end-to-end ICT and sustainable technology solutions provider.
“The majority of Cyberantix’s clients are not aligned to the Sizwe group’s strategic priorities. As a result, management believes it would be more advantageous to partner with an already existing scaled cyber security company capable of executing the larger projects currently undertaken by the company,” Ayo notes.
It points out that the proceeds generated from the disposal will allow Sizwe to allocate resources towards other strategic priorities within the company. Sizwe is engaging with cyber security partners in the market with the aim of securing a partnership by the end of 2024.
Share