Iocore is understood to be selling its Oracle and SAP businesses, although the company is refusing to comment.
"We are still in the process of finalising things and I will not be in a position to comment until next week," says chairman Duncan Simpson-Craib. CEO Mervin Bateman is out of the office until tomorrow.
However, Simpson-Craib says in a memo circulated to staff on Wednesday that he was approached by a consortium put together by chief operating officer Alan Quinn.
The result was the sale of the Oracle and SAP businesses, both of which he says will address the issue of black economic empowerment.
However, Iocore will retain the global resourcing and e-learning businesses.
It is unclear whether the sale affects the group`s international operations or is limited to the local business.
Iocore has operations in various countries including the US, the UK, Western Europe, Scandinavia and Australia.
"Over the next two days the management in the different areas will be brought up to speed on the transaction, as a comprehensive plan needs to be put into place to effect it," the memo says.
"The transaction is subject to the usual contractual obligations and will be finalised in the very near future. The restructure process will however begin with immediate effect and all of you will be contracted by the appropriate divisional management to explain the impact of this.
"Exact details of the structure of each division will be communicated over the next few days as and when this is finalised."
Iocore was launched in April 2000, born out of the former New Africa Technology Holdings, itself formed in 1995.
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