Adapt IT buys Australian education business
JSE-listed company acquires Melbourne-based Wisenet for R54m
JSE-listed technology company Adapt IT says it will buy an education-focused business based in Australia for about R53.6m. The company said on Wednesday it would buy Melbourne-based Wisenet Group for $5.2m, with the purchase price subject to earn-out adjustments over the next three years. At the request of the sellers, the purchase price could change if Adapt IT or one of its subsidiaries listed in Australia. But Adapt IT said it had no plans to do so. Wisenet, which operates in Australia, New Zealand and Singapore, provides proprietary software to vocational training institutions. Annuity-based revenues account for 90% of the company’s turnover. Adapt IT said the deal will boost the growth of its education division and give it access to “key proprietary software, customers and markets in the Australian education sector”. Wisenet CEO and co-founder Ben Hamilton will lead Adapt IT’s business development efforts in the Asia Pacific, the company said. “We look forward to playing a mean...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.