CodiumX Acquires Stake In Data, Analytics Firm Intellinexus
CodiumX Acquires Stake In Data, Analytics Firm Intellinexus. IT investment group CodiumX has acquired a stake in Intellinexus, a South African data and analytics company. The value of the deal is undisclosed.
According to Jacques du Preez, Chief Executive Officer at Intellinexus, the deal will help the company achieve its ambitious target of five to 10 times growth over the next two years. “Our leadership team has been hard at work refining our strategy to improve the delivery of specialist data and analytics services to our customers and deliver exceptional growth. With CodiumX as Intellinexus’s investment equity partner, we will be making acquisitions to further bolster our capabilities and service offerings to clients.”
Intellinexus is a specialist data and analytics company that helps companies build capabilities for data-driven decision-making. The company has offices in Cape Town and Johannesburg, and counts Pick n Pay, Sanlam, Distell, New Clicks Group and Standard Bank as customers.Anathi Jumba, Director of Mergers & Acquisitions at CodiumX, says the acquisition is an integral part of CodiumX’s broader plans to penetrate the enterprise data management market. “Very few local data and analytics companies have the technological expertise, talent and leadership strength of Intellinexus. As investors we have been impressed by Intellinexus’s growth trajectory and ambitious plans for the next few years. As part of our group, Intellinexus will have access to our resources to support its growth plans and improve the delivery of expert data and analytics services to enterprises.”
Conrad Steyn, Non-Executive Chairman at CodiumX, adds: “We are very excited to be part of the Intellinexus journey going forward. Data and analytics form a large part of our strategy and Intellinexus will form a key element of our plan.” Global demand for data and analytics capabilities is intensifying, with the market set to grow from $240 billion in 2021 to over $650 billion by 2029. Demand for data and analytics skills is outstripping current supply, according to Deloitte.
Jumba says there are pockets of skills excellence in mid-sized data and analytics companies, but their size means they often lack the resources to provide services at scale. “Large enterprises are leveraging data and analytics capabilities to drive efficiency and improve decision-making, but often get bogged down trying to secure vendors or service providers with the requisite skills and scale. Intellinexus has built a track record of driving data and analytics transformations for large enterprises and, with the support of CodiumX, can now offer such services at greater scale.”
He adds that CodiumX will support by driving the external growth strategy via new acquisitions, leaving the Intellinexus team to focus on organic client growth and future integrations. “We have built a strong foundation as an IT investment group with a network of top law firms, accounting firms and financial institutions to draw on, both locally and globally. We are excited to work with Jacques and his team over the coming years as we transform the enterprise data management space.”
Du Preez adds that the strong synergies between Intellinexus and CodiumX sets both companies up for success over the next few years. “As a business we have always had the ambition to go from good to great in how we support our customers, attract top talent, expand our technical expertise and establish ourselves as vital partners to local enterprises’ data and analytics strategies. We look forward to exploring new business avenues, expanding our business network and scaling our services and expertise to a larger share of the local enterprise market.”
