Icon Capital management staff have bought back their company from ICT procurement and rental company iVolve.
iVolve bought the assets of Cape Town-based Icon Capital in February last year, merged its operations and appointed Icon Capital MD Pieter van Oudtshoorn as regional manager.
Despite the subsequent management buyout, Icon Capital will, in terms of a participation agreement, still service iVolve`s customers in the Cape.
Oudtshoorn says the agreement is beneficial for both parties. "iVolve wishes to achieve a better return on its initial investment by empowering the staff and management to be independent and Icon Capital wants to broaden its spectrum," he says.
"The agreement gives iVolve first right of refusal on its specific products and service offerings, but it allows Icon to branch out beyond these into other financial services, like rental and asset-based finance on equipment other than just IT and add these to its go-to-market mix.
"Icon Capital will continue to focus on providing IT-based financed solutions, value-added procurement and asset management services."
Van Oudtshoorn is positive about the takeover. "Rental of ICT equipment is becoming increasingly popular in SA, due to the reduced total cost of ownership, tax benefits, upgrade benefits, as well as asset tracking and management services," he adds.
The value of the deal was not disclosed.
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