Johannesburg, 10 Mar 2004
Y3K Security Products, a subsidiary of JSE-listed Y3K Group, has acquired Information Security Architects (ISA) and iSecure for a total of R6.95 million.
The acquired companies are both information security solutions providers.
ISA is being bought for R6.37 million while iSecure carries a price tag of R579 600. The purchase is being settled by the issue of about 52.1 million Y3K Group shares at an issue price of 13.336c a share.
An iSecure director has also been offered an option to purchase 18.89 million Y3K Group shares at the same issue price, with a condition that the option be exercised before March 2007.
"For a lengthy period, Y3K Group has been restructuring and rationalising its business within the IT security sector," the group says in a notice to shareholders.
"The acquisitions of ISA and iSecure will broaden the group`s activities in this sector. The enlarged group will ensure the critical mass for consistent profitability, with budgeted turnovers expected to be in excess of R30 million, a threefold increase from the previous period.
"Y3K Group will now provide a comprehensive range and mix of products to its customers."
It says it is retaining all three CEOs of the respective companies, with Clifford Katz of ISA being appointed CEO of the enlarged organisation.
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