Rand Worldwide SA has bought itself out from its international parent because the local operation believes the global strategy does not serve its interests.
The value of the management buyout, financed with cash and borrowings, has not been disclosed. The company has been renamed Automated Reasoning.
The company remains as a distributor in Africa for software manufacturer PTC, the developer of Pro-Engineer, a 3D product design and development solution for the engineering industry - one of the main reasons for the buyout.
"The buy-out was conducted amicably and was supported by our former parent company, Rand Worldwide," says MD Charles Anderson. Rand Worldwide, which was a distributor of Pro Engineer, is to migrate to a rival product, Catia, as part of a worldwide strategic decision.
However, he says Pro Engineer has a solid user base in SA and it is in the interests of his company to "stick with Pro Engineer". The company also believes that Pro Engineer has a bigger market potential in SA in the long term.
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