Volaris Group, an international software and services provider, announced on Tuesday (January 4th) that it had acquired a 63.87% stake in South African software company Adapt IT Holdings. The transaction has been approved by various competition authorities, including the body responsible for regulating acquisitions and the Johannesburg Stock Exchange (JSE).
“The acquisition is a magnificent South African achievement. Adapt IT was founded in 1996, the company was listed on the stock exchange in 1998, and has successfully grown its customer base to over 10,000 customers in 55 countries around the world. With this acquisition, Adapt IT will have the opportunity to expand to many other countries and customers around the world, ”said Tiffany Dunsdon, CEO of Adapt IT.
The manager added that Adapt IT now represents the interests of Volaris on the African continent, a region where the Toronto-based company sees growth opportunities. The acquisition, he points out, brings foreign direct investment into South Africa with opportunities for further growth capital investment in the country as well as the transfer of best practices.
Listed on the Johannesburg Stock Exchange, Adapt IT Holdings Limited is an information technology group holding company that provides software solutions and services.