In this edition of the Business Day Spotlight, we talk about EOH’s recent sale of its Sybrin group of businesses, for R410m.
In this edition of the Business Day Spotlight, we talk about EOH’s recent sale of its Sybrin group of businesses, for R410m.

In this edition of Business Day Spotlight, we talk about EOH’s recent sale of its Sybrin group of businesses.

Host Mudiwa Gavaza is joined by Marius Mare, Sybrin Group CEO and Hendrik Jordaan, CEO of One Thousand & One Voices (1K1V), to discuss the issues.

Earlier in June, EOH sold its financial services software specialist business, Sybrin, which provides payments software solutions and online customer onboarding processing for banks.

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The disposal, for R410m, is part of a broader plan by EOH to offload assets to pay down debt.

The discussion begins with Mare and Jordaan explaining the rationale for the deal.

Established in 1991 and with over 250 employees, Sybrin provides custom technology solutions and services to the banking, financial services and insurance sectors, as well as central governments. It has more than 100 customers and 7,500 users across 17 countries.

Mudiwa Gavaza. Picture: DOROTHY KGOSI.
Mudiwa Gavaza. Picture: DOROTHY KGOSI.

The consortium buying up Sybrin comprises 1K1V from Mauritius, together with Crossfin Technology and their BEE partners led by Isaac Mophatlane, who is one of the founders of BCX, EOH’s Telkom-owned rival.

Jordaan says the transaction fits into their broader investment philosophy around financial technology (fintech), having ventured into other such businesses previously.

Mare says they are hoping to use funds from the transaction and their new relationship with 1K1V to expand their software platforms, already used by some of the major local banks, and to grow their business outside SA.

The discussion focuses on the rationale for the deal; ambitions of the two parties moving forward; thoughts around the growth of fintech businesses in recent years; the opportunities that still exist for those looking to tackle financial inclusion; the effect of Covid-19 on investment; and an outlook for the sector.

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 Business Day Spotlight is a MultimediaLIVE production.

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