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...

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