South African business solutions company Symetrix has sold just over a quarter of its company to black economic empowerment (BEE) partner, Gambushe Investments.
The sale of 25.1% was announced today, and will aid the company both in sustaining its customer base, and growing it. MD Craig Munitz says IT companies are increasingly coming under pressure to implement a BEE transaction, and Symetrix is not immune to this trend.
However, the deal will not change the company's focus and it will continue to target the South African market and grow organically, says Munitz.
Gambushe, headed by Dr Seshi Chonco, bought into the company as a result of this strategy. "I think Symetrix is strategically placed to grow beyond the small and medium enterprise realm."
Munitz says Chonco "wants to get his hands dirty", and will play an active role in the company. Chonco, a political economist by training, invested directly in the company without any vendor assistance being required.
He will take up his position as chairman of the board from 1 August and has previously served as an executive director of Caltex Oil, CEO of Denel, group GM at Sasol, and as a member of the board of the JSE.
Munitz adds: "Chonco is not only a well-known figure in South African business; he is also well-versed in the ICT market. We feel tremendously fortunate to benefit from his invaluable expertise.
"Dr Chonco's vast experience from parastatals to the private sector presents us with a whole new way of thinking. He has a strong background in effective transformation, and his relationships in the public and private sectors will add significant value to Symetrix."
Chonco says he was in the market for an ICT company positioned for growth, and was impressed by Symetrix's leadership. "I feel I am investing in solid leadership and a great vision for the future. Symetrix has enjoyed consistent success from its excellent foundations while many competitors have perished."
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