IDION Technology Holdings Limited ("IDION" or "the Company") announced today that VenFin Limited ("VenFin") and an institutional investor have acquired the shares in IDION, parent company of Vision Solutions Inc ("Vision"), from DataMirror Corporation ("DataMirror"). DataMirror sold out its entire shareholding more than two years after first launching a hostile takeover bid for the Company.
"We welcome this investment in IDION", said Nicolaas Vlok, Managing Director of IDION. "With strategic partners who share our vision, we now have the capacity and flexibility to continue execution of the business plan put in place several years ago and become the dominant player in multi-platform Managed Availability.
Continued Vlok, "The employees and business partners of IDION have worked hard and remained committed in the face of a disruptive competing shareholder, to stay focused and build the value of the Company". He further said that IDION successfully strengthened its five pillars of inherent value during the past two years: "Cash reserves, working capital and cash generation from operations have increased markedly. Our large global client base has continued to increase on the back of a growing base of global channel partners and management has consistently proven their commitment, not least by ensuring that IDION`s leading edge technology and world-class intellectual capital have been translated into products that are more competitive in the market place than ever before."
Following the investment in IDION, VenFin`s shareholding increases from 6.0% to approximately 34.9%. Management`s stake remains unchanged at approximately 40.0%. "VenFin looks to be a long-term investor in innovative, high quality businesses that have potential as significant global players," commented Dillie Malherbe, CEO of VenFin. "We have been an investor in IDION for nearly two years and have been impressed with its strategic direction, management and market success. We believe this investment is strategic to our portfolio and see it as an opportunity to add value and resources for IDION to grow significantly over the next several years."
Vlok said that he is proud of the way in which IDION conducted itself: "I sincerely thank the customers and channel partners whose support never wavered, shareholders who steadfastly remained committed to IDION`s strategy and management, the IDION Board for constantly acting in the true interest of all shareholders and our management and employees who continued to be superbly focused on delivering results. This is a good day."
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VenFin is an investment holding company focusing on telecommunication, technology and media businesses. The group actively manages its investments through regular dialogue with other shareholders, directors and management with a team that is particularly strong in financial discipline and in understanding and protecting intellectual property rights, and this focus underpins the investment process. VenFin seeks to monitor and add value to its investments by providing strategic input through board representation and shareholding agreements.
IDION
IDION is an investment holding company listed on the Main Board of the JSE Securities Exchange South Africa. Through its wholly owned subsidiary, Vision Solutions, it provides solutions for assuring the availability of a company`s mission-critical applications and data. For more information on IDION, please visit the Company`s website at www.idion.com.
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