Adapt IT says it has agreed to buy all of the Aquilon Companies as well as 40% of Fuel-Loc for up to R98 million, which will be paid for in shares and cash.
The group is buying the units from the trustees of the Bluebird Family Trust, the trustees of the Two Kings Trust, Jason Derrick Hamilton and ISB Consulting.
The Aquilon companies are specialist SAP consultancies, founded in 2006, which design, implement and support SAP IS-Oil implementations throughout South Africa. Collectively, they provide SAP services to six of the major oil companies trading in South Africa and globally.
In total, the companies have more than 70 employees and offices in Cape Town and Johannesburg.
In a statement to shareholders, Adapt IT says its board believes the deal gives it an entry point into specialised areas in the oil and gas sector.
The "strategic" move will aid it in expanding into the growing energy sector in Africa, as well as extend its local reach into the Western Cape, and bolsters its SAP solutions expertise.
The deal follows its partnership with Ventyx, a company owned by ABB, which extends Adapt IT's services into the power and automation sectors, especially in Africa. The listed ICT company, which has been targeting the continent for growth, has customers in 20 countries in the manufacturing, higher education and financial services sectors.
According to the statement, the purchase price is subject to profit warranties and the maximum amount is R98 million. This will comprise a cash component of R38 million and shares worth R60 million.
Adapt IT, which has a market capitalisation of R464 million, last saw its shares trade at 418c, an 8c gain on the day's opening price.
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