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Former Allan Gray head invests in MDA Property Systems

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South Africa’s leading property management software company, MDA Property Systems, has announced that an investment consortium headed by private equity firm Targe Capital has bought a 30% share of the company for an undisclosed sum.

MDA's MD, Deon Keet, says that the company owns proprietary software that is used by many JSE-listed funds and other large property managers in southern Africa and the Middle East.
MDA enjoys the leading market share in SA with 2,350 licenced users, and is focussed on providing software and services to mid-to-upper range commercial, residential and sectional title property managers.
Targe Capital is an investor of proprietary and syndicated investors funds aimed at owner-managed businesses in a wide range of industries. The company was recently established by Greg Fury (former Allan Gray chief operations officer) and Gary Macdonald (previously with RMB Corvest).
Gary Macdonald, a director at Targe Capital, says, “We were attracted to MDA on the strength of its exceptional client base, proven software and strong growth prospects in SA, Africa and the Middle East.
"MDA has sold software licenses in Dubai, Abu Dhabi, Jordan, Bahrain and is negotiating in other Middle Eastern countries. Targe Capital believes that MDA is also well positioned to increase its market share in all sectors of the SA property market.”
Keet welcomed Targe Capital on board, adding, “After a robust due diligence process, we are confident that Targe will add another strategic dimension to this well established and highly respected company. Gary Macdonald and Greg Fury have been appointed as non-executive directors of MDA.”
“Targe Capital anticipates being closely involved in a variety of exciting corporate activity prospects that will grow the value of MDA,” concludes Greg Fury.