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Itec, the business solutions and print automation company, is now 100% South African-owned.
This follows the purchase of all the issued shares in the Itec group by a consortium comprising the Itec management team, Investec Bank and Khulasande Capital, a black-owned and controlled private equity and investment vehicle. Previously, the majority of Itec shares were held by non-South African residents.
According to Itec CEO Philip Perkins, the management buy-out comes with numerous benefits and is going to yield several new opportunities. Through the transaction the group has a new and dynamic growth agenda, strong financial gearing and significant corporate backers.
“These are exciting times for Itec as we approach our 20th anniversary in 2016. We will continue to pursue our goal to provide our clients with a best of breed range of office automation and enterprise communication solutions that exceed their expectations,” Perkins says.
“In addition, we have plans to become increasingly more involved in system development while introducing innovations that will greatly improve operating efficiencies, service delivery and customer flexibility.”