First Technology buys stake in Phoenix Software

Phoenix Software's steady growth over the past two years has firmly established the company as a leading specialist software republishing distributor in South Africa. The business extends itself into the retail consumer market with its offering of software and other IT-related products. Its unique offering, coupled with its expertise in this sector, have placed Phoenix Software as part of the most successful distribution businesses in the country.

Now, the company is ready to move to the next level, and it won't be doing it alone. First Technology, one of the largest privately owned IT companies in South Africa, has signed an agreement to gain a controlling equity stake in Phoenix Software. While First Technology's investment is significant, it is not making the acquisition in order to consolidate Phoenix Software into its existing businesses. Instead, it will provide the funding and advice required to grow the business even further while ensuring its own unique identity with a focus on key brand acquisition and growth.

“Together, we will focus on ensuring that Phoenix Software not only continues to provide the great products and service our customers have come to rely on us for, but we will be able to take it to the next level with First Technology's backing,” says Simon Campbell-Young, CEO of Phoenix Software. “I'm confident that, with this partnership, we'll have the flexibility and resources needed to pursue our goal of building an even more effective offering for our customers.”

“Welcoming Phoenix Software to the First Technology family will allow the company to access new markets and products that are extremely complementary to their existing range. The Phoenix Software team has built an exciting and powerful value proposition, and through this partnership, the depth of the resources and the breadth of the reach extended by Phoenix Software will be stronger than ever,” says Arnold Sharp, CEO of First Technology.

The synergies between the businesses will bring real benefits to customers and they look forward to using these benefits to achieve new levels of growth. Both companies share similar values. They always put their customers first and are committed to innovating in order to improve the customer experience. Together, they are natural partners offering a compelling solution.