Adapt IT Holdings has been acquired by Volaris Group for R7.00 per Adapt IT share, effective 3 January 2022. Volaris is a wholly-owned subsidiary of Canadian-listed Constellation Software.
All conditions and regulatory approvals have now been met, including approval from various competition authorities, the Takeover Regulation Panel as well as the JSE. The deal was also conditional on Volaris acquiring more than 50% of Adapt IT shares. Volaris has acquired 63,87% of Adapt IT. Pursuant to the implementation of the deal, Adapt IT will delist from the JSE with effect from today (4 January 2022).
Headquartered in Toronto, Volaris Group is an international provider of vertical market software and services several industries. It has a presence in more than 35 countries, with more than 120 companies in 30 vertical markets.
“The acquisition is a wonderful South African success story. Adapt IT was founded in 1996, the business was listed in 1998 and successfully grew its customer base to more than 10 000 customers in 55 countries around the world. With this acquisition, Adapt IT will have the opportunity to expand to many more countries and customers around the globe,” saysTiffany Dunsdon, CEO of Adapt IT.
Adapt IT now represents Volaris’ interests in the African continent, a region in which Volaris sees opportunities for growth.
Adapt IT has maintained its Level 1 B-BBEE status. An independently governed Education Trust mainly for the benefit of employees and their dependants will be formed and become a shareholder in the business. “Investment in our people and internal advancement is critical to our ethos and our success,” says Dunsdon.
Volaris has expressed confidence in the leadership team of Adapt IT with Tiffany Dunsdon as CEO, Nombali Mbambo as chief financial officer, and Tony Vicente as chief operating officer.
Michael Dufton, portfolio leader at Volaris, comments: “Adapt IT is a solid business with an experienced leadership team. We have followed the success of the business for some time and felt it would be a great fit. Volaris has ambition to invest in African markets and, thanks to Adapt IT regional presence, we are now well positioned to invest. I welcome Adapt IT into the Volaris fold and look forward to working with the team.“