Andile Ngcaba’s inq. gets approval to acquire Syrex
The Competition Commission (CompCom) has approved, without conditions, the proposed transaction whereby inq. Digital intends to acquire Syrex.
In May, Convergence Partners company inq. announced it was set to acquire Syrex, a provider of hyper-converged cloud technology solutions in South Africa.
At the time, it said it had reached an agreement to acquire 100% of Syrex for an undisclosed amount.
Businessman Andile Ngcaba is the executive chairman of inq.
In a statement, the CompCom says inq. Digital is controlled by inq. Holding, a private company registered in Mauritius.
It notes that inq. Digital has limited operations in South Africa, where it provides edge-based artificial intelligence (AI) services to a single client.
Edge-AI is a video product that uses surveillance camera footage to provide detailed analytics powered by AI, says the competition watchdog.
It adds that inq. Holding operates as a global African digital enterprise service provider headquartered in Mauritius.
Syrex does not control any firm, says the regulator, adding it operates as an aggregator and reseller of information and communication technology products.
“More specifically, it provides information technology and intranet solutions to businesses. It specialises in the installation and support of Linux, Microsoft, virtualised and hybrid infrastructures,” the CompCom says.
“Examples of Syrex’s products and services support include fibre, virtual private network, Office 365, firewalls and hardware, and software sales, among other things.”
The commission says it found the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets.
It further found the proposed transaction does not raise any public interest concerns.