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Metrofile, Tidy Files deal gets approval

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 29 Aug 2017
Metrofile group CEO Pfungwa Serima.
Metrofile group CEO Pfungwa Serima.

Metrofile's acquisition of Tidy Files has been granted approval by the Competition Commission, the company announced yesterday.

Tidy Files, a provider of end-to-end document management and storage solutions in Southern Africa, will now be 100% owned by the JSE-listed information and records management business.

In a statement, Metrofile says the acquisition, valued at R75 million, was funded with cash resources and is official as of 1 August.

Pfungwa Serima, group CEO of Metrofile, says the deal is in line with the company's strategic growth objective. "Through the acquisition of Tidy Files, Metrofile can complement and expand its client service offering across Africa and the Middle East, providing an even more complete range of filing and archiving solutions across all industries."

Serima notes Tidy Files is a perfect fit for the growing Metrofile brand.

The niche vertical solutions it provides are opportunities for Metrofile to grow and expand within its current client base, he states. "Tidy Files is a good business and we are already seeing the benefits for both brands unfold as we move forward as a group."

Speaking about the deal, Gavin Leonard, CEO of Tidy Files, says the timing was right for the Metrofile acquisition.

"We have grown the business into a recognised leader with the support and backing of private equity firm Spirit Capital for the last 10 years. Time to expand and launch a new growth trajectory was imminent, so the Metrofile acquisition was positively received and is an exciting new period for the company."

Leonard pointed out the Tidy Files executive management team will remain intact, and is inspired and motivated to take on the new challenges presented by being part of Metrofile.

"We are looking forward to expanding beyond South African borders, as well as taking advantage of the numerous leads into the local enterprise sector thanks to the network within Metrofile."

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