Altech acquires ComTech
25 July 2007
News
Altech has signed an agreement to acquire fleet management company, ComTech, for Altech Netstar Fleet Management Services (ANFMS), subject to the fulfillment of certain conditions precedent. The potential full value of the deal is R90 million, of which R50 million is payable up-front and the balance over two years, dependent on specified and agreed profit targets being achieved.
Altech, South Africa's market leader in stolen vehicle recovery (SVR) through its subsidiary Altech Netstar with 41% of the market, will now dramatically increase its share of the fleet management market with this deal, growing its market share from 8% to approximately 20%, effectively doubling its subscriber base.
"ComTech has an excellent reputation for developing and managing advanced fleet management solutions, and has produced profitable results, positioning it well to gain traction as this industry accelerates," says Altech CEO, Craig Venter. "Their technology, their management, their footprint in Africa, together with their vision are well-aligned to ours, particularly in light of our own global expansion activities."
ComTech, with turnover of approximately R100 million per annum, has been in operation for 12 years and boasts a staff complement of 140 highly experienced personnel. Brian Edmonds, managing director of ComTech, says: "We are very pleased with the transaction and view the acquisition as an opportunity not only for the expansion of Altech Netstar Fleet Management Services, but also for the longevity and growth of ComTech's formidable team and excellent customer base."
A new holding company will be created in which Altech will hold 75% and Nariku (the black empowerment partner of ANFMS) will hold the remaining 25%. Both ANFMS and ComTech will be wholly owned subsidiaries of this new holding company, which will be called Altech Netstar Fleet Management Holdings.
Venter further commented: "This acquisition positions Altech Netstar Fleet Management Services with a significant market share presence in the high growth South African fleet banagement market."
Further reading:
From the editor's desk: Exciting times ahead?
Technews Publishing
News
There are many subjects that excite me in this world, but two of the larger technical subjects are, firstly, renewable energy, and secondly, the idea of artificial intelligence as it continues to evolve
...
Read more...
Microchip expands partnership with TSMC
News
Microchip Technology has announced it has expanded its partnership with TSMC to enable a specialised 40 nm manufacturing capacity at Japan Advanced Semiconductor Manufacturing.
Read more...
Huge SA grid battery project
News
A standalone battery energy storage system (BESS) has won preferred bidder status under South Africa’s Energy Storage Capacity Independent Power Producer Procurement Programme (ESIPPPP).
Read more...
Mouser sponsors NCP Cup 2024
News
The NXP Cup is an EMEA-based autonomous car competition, presented by NXP Semiconductors, which is designed to provide students with real-world experiences in autonomous vehicle programming and building.
Read more...
TrinaTracker brings its smart solar tracking to SA
News
The Vanguard 1P is designed to provide customers with trackers that combine suitability for flat terrain, together with outstanding system stability and reliability, quick installation, and flexible external compatibility.
Read more...
Nordex adding 830 MW of wind generation
News
Nordex Energy South Africa will be adding 830 MW of wind energy generation capacity to the company’s already-installed 1 GW base.
Read more...
Invertek produces its three millionth drive
iTek Drives
News
Invertek Drives Ltd, a global manufacturer of variable frequency drive (VFD) technology, has celebrated producing its three millionth VFD, just three years after its two-million milestone.
Read more...
Analog Devices’ digital storefront is live
News
Analog Devices has designed an improved digital experience with users in mind – a new analog.com website and eShop.
Read more...
Vicor Powering Innovation podcast
News
The episode explores electrification with Lightning Motorcycles, a company that produces the fastest electric motorcycle on the planet.
Read more...
ModusToolbox Workshop 3
News
This workshop will focus on enabling a PSoC development kit, connected over Wi-Fi and leveraging MQTT, to create the framework of an IoT application.
Read more...
printer friendly version