Global Technology (Glotec) has acquired a 14.7% stake in Temenos Systems previously held by Glotec parent Global Technology Investment Holdings (GTIH).
Temenos is a banking software developer and supplier of the Globus banking system.
The repositioning of the Temenos stake, coupled with the companies` joint venture, which recently acquired Solace Australia, is expected to result in JSE-listed Glotec earning about half of its future revenue offshore in hard currency.
"This move is the end of a very successful 12-month process, which has resulted in an acutely focused company which has a very strong relationship with Temenos," says Glotec CEO Ray Leonard.
He adds that the company expects to increase the shareholding and is confident of solid profits.
"Our close relationship with Temenos has already allowed us to expand our operations throughout the southern hemisphere, and this repositioning supports our commitment to this market."
GTIH bought the Temenos stake for about R100 million at the start of last year.
Glotec said in April this year that it expected the Temenos investment to be transferred at its "cost plus carry" value and that Glotec`s net asset value would be enhanced significantly, although it did not expect the deal to have a material effect on earnings.
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