Faritec Holdings has been appointed as a preferred bidder to acquire Software Futures, formerly part of the Fidentia Group.
The Curators have indicated that Faritec was selected as preferred bidder because of its strong solution fit, solid empowerment credentials and alignment with existing Software Futures customers.
The acquisition will enhance Faritec’s earnings in the 2008 financial year but, more significantly, will increase the company’s skills level, boost the company’s presence in the Western Cape and take its staff complement in the region to 140 employees.
Simon Tomlinson, CEO of Faritec, says that in addition to securing the jobs of the 85 employees of Software Futures whose prospects were uncertain, Faritec will be ensuring that the investments in systems and software by the company’s customers will be protected.
“This acquisition is about giving security of continued service to Software Futures customers who include the likes of Vodacom and Sanlam, organisations that are already Faritec clients,” he says, adding that the deal is also in line with Faritec’s strategy to bolster the group’s solutions areas.
“This enhances our capacity and significantly increases the already high levels of skills and expertise in our Integration Services allowing us to provide tailored technology solutions in custom application development."
This acquisition is subject to inter alia Competition Commission approval and the approval of the Financial Services Board.