JSE-listed Metrofile has acquired UAE-based eFile Masters, one of the fastest growing imaging and information management companies in the Gulf Co-operation Council (GCC) countries.
This allows Metrofile to further implement its strategy of acquiring bolt-on acquisitions in areas believed to offer medium to long-term growth opportunities.
Mark McGowan, chief financial officer of Metrofile Holdings, says that the GCC region as a whole is undergoing a growth phase with significant spending across a wide range of sectors. “The United Arab Emirates (UAE) in particular, is now widely regarded as the gateway not only to the GCC, but also to the Middle East, North Africa and Common Wealth of Independent States (CIS).”
McGowan explains that this regional growth is generating substantial demand for the products and services that eFile is offering, making it an attractive proposition for Metrofile.
The acquisition combines the best of two worlds for existing and future clients by pairing eFile, a regional leader that understands the information and records management needs specific to the local market, with Metrofile’s international market leading position, product range and economies of scale.
Following the acquisition, eFile will now be able to introduce new products, services and solutions to its customer base and the GCC market in general, which will create synergies and accelerate growth opportunities.
Hussein Al Zeer, MD of eFile Masters, says that the company strongly believes that joining hands with Metrofile will add strength to the business’ credibility as it expands into new markets and starts executing larger projects.
eFile’s product and service offering will now include the following services: document imaging, enterprise content management, onsite records management software, onsite records management and media vaulting.
There are also future plans in place to offer the Orange Box solution tailor-made for the small, micro to medium enterprise (SMME) market.
The day-to-day operations of the company will continue to be run by the current eFile management team that has more than 13 years of experience in the records and information management industry. The company’s overall strategy will be determined and controlled by the Board of Directors, comprised of both Metrofile and eFile leadership. eFile will now trade in the market under the name eFile – A Metrofile Group Company.
“We are confident that this acquisition will enable Metrofile to benefit from eFile’s impressive track record, extensive customer base, local knowledge and understanding of the particulars of the regional market, making this endeavour mutually beneficial for stakeholders and clients,” McGowan says.