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Square One buys Square One


Johannesburg, 08 Jul 2004

JSE-listed Square One Solutions is buying an unrelated company called Square One Limited for R1.64 million.

Square One Limited, also known as Latitude, is owned by Corvest 4, Equicap and employees and management.

Latitude is an IT infrastructure services company. Its services include operating in the areas of platform migrations, server consolidations, data centre operations, desktop deployment, security, mobile solutions, project management solutions and others.

Square One says it will issue 1.64 million new shares to pay for the acquisition.

Should Latitude's profit before interest and tax for the 2004 calendar year exceed R2.5 million, a maximum additional purchase price of R1.31 million will be paid by the issue of 1.31 million shares.

"Square One has in the last two years been expanding its offering to incorporate vertical and horizontal IT solution offerings to its customers," the group says. "The acquisition is an important step for Square One in this regard."

It says the deal also provides it with professionals skilled in areas such as architecture, integration and delivery of IT infrastructure solutions and the implementation of those solutions.

The Square One share closed unchanged at 99c on the JSE yesterday.

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