Management of Intelligent Systems has negotiated a buy-out with the liquidators of now defunct distribution company Siltek for an undisclosed sum.
Intelligent Systems holds distribution or sub-distribution rights to a range of storage technologies and products, including hard disk-based subsystems, optical technology, tape devices, high-performance connectivity and software management products.
Chris Roux, MD of Intelligent Systems, says the original founders of the company, before Siltek acquired the 75% majority stake in 1999, negotiated with banks to finance the deal, but says he cannot place a figure on the deal`s worth.
"The collapse of Siltek was an unfortunate event that created a lot of uncertainty in the market, particularly for autonomous subsidiaries such as Intelligent Systems," he says.
"The formal agreement with the liquidators is a positive move because it removes uncertainty that may have been surrounding our future."
Roux says there was a period of uncertainty after Siltek`s sudden demise, but a steady line of communication between Intelligent Systems, clients and suppliers was enough damage control to stop any loss of business.
"Although we kept on trading during the process, it has been a frustrating time for us, and it`s a relief that it`s finally over and that we can again focus all our energies on providing our customers with the service levels they have become accustomed to over the past 12 years."
Roux says the storage market suffered a difficult time when the rand took a pounding toward the end of last year. However, he says sales at the beginning of the new year are looking promising and Intelligent Systems` sales pipeline for the year is also looking good.
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