MB Technologies has entered into an agreement to acquire a 51% interest in GAAP Point of Sale from Capital Eye Investments, an investment business focused specifically on the technology industry. The transaction is subject to the approval of the Competition Commission. GAAP, a supplier of complete point of sale and asset management solutions for restaurants, take-away outlets, pubs and nightclubs for the past 20 years, is headed up by managing director and co-shareholder Jean-Paul d'Abbadie.
GAAP has experienced significant revenue growth over the past decade and has amassed a customer base in excess of 3 800 outlets with excellent opportunity for expansion within the market. Some of South Africa's most loved franchises, including KFC, vida e caffe, Wimpy and the Fish & Chip Co, rely on the GAAP Point of Sale solution each day.
"The GAAP management team is very excited about the long-term prospects of joining the MB Technologies Group. GAAP will continue to bring innovative developments to the hospitality industry in South Africa as well as our growing markets in Africa, Europe and the Middle East."
The GAAP acquisition represents the first in what is intended to be a series of acquisitions by MBT in the information technology space, as the company seeks to engage on its strategic objective to diversify its business activities into related products and services in order to better serve its channel.
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