Adapt IT Holdings has acquired 100% of CQS Technology Holdings, a provider of niche audit, financial and risk management software services and solutions to financial professionals, corporates and the public sector in South Africa and Africa in a deal worth R217-million.
CQS has over 20 years’ experience in providing international best-of-breed and unique niche software services and solutions, for audit, data analytics, controls monitoring risk management and financial reporting to more than 4 000 customers in 30 countries.
This targeted acquisition is in line with Adapt IT’s strategy of planned acquisitive growth and allows the company to further expand and strengthen its customer base and solutions set, especially in the Financial Services sector, and the wider Private and targeted Public Sector markets.
Sbu Shabalala, CEO of Adapt IT, says the numerous synergies between Adapt IT and CQS only highlight the value of this acquisition in augmenting Adapt IT’s overall growth strategy, not only in key sectors in South Africa but wider markets in Africa. “Adapt IT and CQS can benefit from the synergy and scale advantages that already exist to leverage further opportunities to increase revenue and returns. The entirre CQS leadership and operational teams will remain with the business.”
CQS CEO, Ashley Cohen, says the combination of their expertise with state-of-the-art software, allows CQS to provide its customers with innovative solutions. “Our aim is to deliver optimal return on investment to customers by providing a complete solution; consisting of software, implementation and training, and using focused best practice methodologies. CQS and Adapt IT’S shared customer focused approach and similar values will ensure that we continue to benefit our customers whilst improving our overall value proposition in the market.”
Shabalala says that this acquisition has reinforced Adapt IT’s position, not only as an ICT sector leader but complemented its proven expertise in industry leading software technologies. “The addition of CQS will, augment our financial services presence by adding the accounting and auditing professions as a vertical, and support our continued growth in South Africa and into the African market.”