Xantium, listed on the JSE's alternative exchange, AltX, has acquired 51% of Waymark Consulting, an Oracle-focused IT consulting firm.
The maximum price of the acquisition is about R8.42 million, with R1.53 million being paid upfront and the balance paid in amounts based on an earn-out formula for the years ending February 2006, 2007 and 2008.
Waymark Consulting was founded in 1997 by owners Ernst Scholtz, Andre Rabie, Christiaan Jacobsz and Johan Barwise.
Xantium says Waymark combines consulting expertise with analysis, design, development, implementation, maintenance and support of a comprehensive business-oriented IT solution.
The company is a certified Oracle Business Partner, with its core service offering focused on Oracle solutions. It also provides support solutions in Sun Solaris, Java, HTML, .Net, OS390 and Natural Adabas.
Xantium says the acquisition will augment the service offering of subsidiary Xantium Professional Services (XPS).
Among other things, it will expand XPS's consulting capabilities and increase its IT infrastructure library.
The deal is subject to a due diligence investigation by Waymark and to the approval of the Xantium board.
The Xantium share was untraded at 52c on the JSE this morning.
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