SA IT Start-Up Adapt IT Is Set To Delist From The JSE
SA IT Start-Up Adapt IT Is Set To Delist From The JSE. South African IT startup Adapt IT is set to delist from the Johannesburg Stock Exchange (JSE) following the sale of the startup to Canadian software company Volaris. The company was sought to be bought by two companies namely Canadian software Volaris Group and South Africa’s Huge Group.
Volaris managed to secured the deal and have been successful in acquiring the startup. “Adapt IT Shareholders are advised that, following the receipt of a compliance certificate from the Takeover Panel in relation to the Scheme, the transaction is now unconditional and Shares in Adapt IT will be delisted from the main board of the securities exchange operated by the JSE with effect from the commencement of trade on Tuesday, 4 January 2022,” Adapt IT said in an announcement.
Adapt IT is a company that was founded by Sbu Shabalala, it is a Level 1 Broad-Based Black Economic Empowerment (B-BBEE) contributor that provides leading specialised software and digitally-led business solutions that assist clients across targeted industries to achieve more by improving their customer experience, core business operations, business administration, enterprise resource planning and public service delivery.
Volaris Group made an offer to purchase Adapt IT early last year, the deal was finalised later in the year as the shareholders voted for it instead of Huge Group. Volaris Group has successfully grown to more than 35 countries based on a decentralised business model where acquired companies retain their autonomy and can access ongoing training. The company has grown to a truly global scale, with respect for international cultures and working ability in several languages.
This acquisition is set to make Adapt IT part of a larger network of software companies that will be under the guidance of Volaris Group. Volaris Group aims to take software companies and help them reach the next level in their growth, so it can be said that this deal will be beneficial to Adapt IT as it is to Volaris Group.
