The IQ Business Group has acquired a 30% stake in consulting and financial solutions company Adastra Technology Corporation, with the option of acquiring a further 21% in nine months` time.
The stake in the Cape Town-based business will fall under The IQ Business Group`s financial services arm Financial IQ.
Financial IQ CEO Les Horne says the deal strengthens the company`s skills base particularly in the areas of risk and asset management and debtors collections systems.
He adds that it leverages the group into some of Cape Town`s leading financial services organisations, including The Appleton Group, Board of Executors, Cape of Good Hope Bank, Gilt Edged Management Services, Motorite Insurance Administrators and Policy Link.
"There are many synergies between Adastra and the IQ Group from both a cultural and operational perspective," says Horne.
"The 30-person Adastra team is strongly people-focused and brings complementary skills to Financial IQ including facilities management, customer relationship management systems, data warehousing and workflow process systems as well as both management and financial consultation.
"In addition, it gives The IQ Business Group a strong and stable presence in the Western Cape region."
Adastra MD Gary Hunt says his company will benefit from The IQ Business Group`s internationalisation strategy which will provide global markets for the sale of its business software.
The group says the year-old Financial IQ has performed well, with an earnings increase of 60%. Budgeted turnover for 2002 is R230 million.
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