IT-driven business solutions provider The IQ Business Group has announced a new shareholder structure that includes a 31.2% black economic empowerment (BEE) stake.
The BEE shareholding is held by Phatisma Technologies (11.2%), Peotona Development (10%) and The IQ Business Group`s HDSA (Historically Disadvantaged South Africans) Management Trust (10%).
The group says the BEE deal comes after management bought out former owners Nedbank, Investec and HCI.
"IQ`s former owners were committed to ensuring that - as an integral part of the management buyout - the sale of their equity would be an enabling move to increase empowerment participation in the IT sector," says CEO Dirk Ackerman.
The IQ Business Group, a R300 million turnover company with operations in Africa, North America, Australasia and Europe, has not disclosed the value of the deal.
The transaction involves some high-profile figures, with Peotona founded by former ambassador to the UK Cheryl Carolus, former FNB Retail CEO Wendy Lucas-Bull, former Spoornet CEO Dolly Mokgatle and lawyer Thandi Orleyn.
Phatisma Technologies was founded by Herman Mashaba, who also founded Black Like Me beauty products.
Carolus has been appointed non-executive chairman of The IQ Business Group, while the rest of the board is made up of CEO Dirk Ackerman, CFO Pieter van Tonder, executive director Chris Sinclair and non-executive directors Wendy Lucas-Bill (with Dolly Mokgatle as alternate), Herman Mashaba and Sean Melnick.
Ackerman says although the group may have appeared to have gone underground in past months, it has been highly active.
The US business has grown 185% in the past 18 months, while the Australian operation has been strengthened by "impressive" organic growth and acquisitions.
The South African business has won several contracts, including the South African Revenue Service and the Bond Exchange of SA.
"Peotona Development and IQ`s aspirations have great synergies," says Carolus. "We both have a commitment to development and fully appreciate the critical need to provide sustainable opportunities to economically marginalised people.
"Peotona Development, as a non-profit organisation, gains not only longer-term funding flow from the deal to support its development work, but also access to skilled business resources to assist with its objectives."
The group says work has already started on critical evaluation to identify suitable initial pilot projects.
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