Document management and printing group Itec is now 100% South African-owned.
This follows the purchase of all the issued shares in the Itec group by a consortium comprising the Itec management team, Investec Bank and Khulasande Capital, a black-owned and controlled private equity and investment vehicle.
Previously, 90% of Itec was owned by founder Jacques Duyver, who is based in the UK.
According to Itec CEO Philip Perkins, the management buyout comes with numerous benefits and is going to yield several new opportunities. Through the transaction, the group has a new and dynamic growth agenda, strong financial gearing and significant corporate backers, he comments.
"These are exciting times for Itec as we approach our 20th anniversary in 2016. We will continue to pursue our goal to provide our clients with a best of breed range of office automation and enterprise communication solutions that exceed their expectations.
"In addition, we have plans to become increasingly more involved in system development while introducing innovations that will greatly improve operating efficiencies, service delivery and customer flexibility," Perkins notes.
Itec started trading as Konica in 1996, but when Konica and Minolta merged to form what is now Konica-Minolta, it changed its name to Itec in 2004.
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