JSE-listed Zaptronix is buying I-to I-Technology Solutions for R6.6 million, and will issue 440 million shares to pay for the acquisition.
Zaptronix, which offers tracking, energy and metering solutions, says it has been running the company since March and is entitled to I-to-I's net profits between March and the end of August this year.
Zaptronix has been running at a loss for at least the last three reporting periods.
In its most recent results, for the half-year to February, Zaptronix reported a slight decline in revenue, at R9.1 million, down from R9.996 million. However, the company widened its loss, from R968 442 to R1.8 million during the period.
Zaptronix has been running I-to-I as an agent and will now buy out the company. It first announced its intention to purchase I-to-I in February. It has now entered into a formal agreement, it says.
In February, Zaptronix said it would buy I-to-I and Cell Secure. It explained the acquisitions will “expand the vision of Zaptronix by increasing the skills and product offerings to clients that seek operational control systems”.
I-to-I Technologies is owned by Gandalf Trust, which bought the company in December 2008. I-to-I provides CCTV surveillance, access control, fire detection and electronic article surveillance infrastructure and systems for business operational use.
The acquisition is subject to several conditions.
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