JSE-listed Adapt IT Holdings will acquire the business of Kura Holdings, Wisenet Information Systems, Wise.Net Corporate Trustee, the business intellectual property (IP) and existing IP rights of Wakatipu Management, collectively known as the Wisenet Group.
Founded in 1997, the Wisenet Group operates in Australia, New Zealand and Singapore, with the main office situated in Melbourne, Australia.
The company provides a software as a service (SaaS) learning relationship management system (student lifecycle management and compliance) to vocational training institutions called Registered Training Organisations.
Wisenet has 22 employees who will remain with the business.
The purchase consideration for the Acquisition is SGD$5,2-million with potential earn-out adjustments over the next three years.
The ecquisition will complement Adapt IT’s education division growth strategy and will provide Adapt IT with access to key proprietary software, customers and markets in the Australian education sector.
Wisenet is a software-based business that develops its own IP and has an annuity-based revenue model, being SaaS subscriptions, which account for 90% of total revenue.
All revenue is earned outside of South Africa in hard currencies.