| Thu 8 Feb 2001, 0:00 | | Comparex Holdings Ltd - Press Release |
|
Comparex, Brait and a management consortium form Intenda, a new SA Software
Company, in R20m transaction.
Johannesburg, South Africa, 8 February 2001 - In a R20m transaction, Comparex
through PQ Africa, investment and merchant banking group Brait, and a
management consortium have formed Intenda. The company will house ProQure - a
comprehensive windows-based client/server electronic tendering software package
that was developed over the past five years by the professional services
business unit of PQ Africa, a subsidiary of JSE-listed Comparex Holdings. The
twenty PQ Africa employees, who developed the ProQure product, will join
Intenda.
ProQure has been successfully implemented at a number of blue-chip South
African corporates. It automates various pre-procurement functions (including
vendor selection, creation of enquiries or tenders, electronic tender
distribution and receipt, and evaluation of scenarios to select the best
tenderer) for large private and public sector entities. Buyers are able to
quickly and directly source quotes which match their specific purchasing
requirements.
The Brait Technology and Innovation Fund I (Braitec) and the management
consortium will inject capital into the new entity. Comparex, through PQ
Africa, will hold just under 50% of Intenda, with the balance of the
shareholding held by Brait, the management consortium and staff. The board of
directors will consist of representatives of PQ Africa, Brait and the
management consortium. Etienne Fourie, formerly an executive director of PQ
Africa, will lead the management consortium and has been appointed MD of
Intenda. Herman Fick, formerly a director in the eBusiness division at PQ
Africa, has been appointed deputy MD.
Fourie comments "Currently ProQure's major clients include Anglo Platinum,
Anglo American Coal and others. With the cash injection we will be able to take
Intenda to a new level from both a technological and geographical perspective.
After web-enabling ProQure's product, we intend marketing the product
aggressively throughout Europe through VARs and integrators such as Comparex."
This deal is in line with Comparex's strategy of being a best-of-breed
integrator of eBusiness solutions - and to partner with other parties in
Comparex group companies involved in developing proprietary software - and
follows hard on the heels of GE Capital's US$8m investment in Mosaic Software.
Peter Watt, CEO of PQ Africa, says, "We are confident that under the leadership
of Etienne Fourie, and with the unique software of Intenda, our investment will
prosper. We are also excited by the involvement of Brait, which brings
acknowledged expertise in adding value to these types of companies."
Brait's Greg Voigt says, "This is a classic venture capital carve out
transaction. PQ Africa has developed powerful software that requires further
funding for a global roll-out and Braitec and the management consortium have
injected capital and an experienced and entrepreneurial team to build a focused
business. We look forward to working with a strong strategic partner in
Comparex and Etienne and his management team."
About Comparex
Comparex Holdings is an EMEA "Best of Breed" integrator of eBusiness Solutions.
Comparex has an annual turnover of approximately EURO 1 billion, with offices
throughout the EMEA (Europe/Middle East/Africa), a workforce of almost 7 000
and derives the majority of its revenues from continental Europe. Its customers
include the leading companies in Austria, Belgium, Germany, Hungary,
Luxembourg, the Netherlands, Poland, Portugal, Southern Africa, Slovakia,
Spain and the Czech Republic. Comparex is listed on the JSE and trades under
the symbol CPX. Comparex recently announced that it intends aggressively
expanding its European presence in the eBusiness infrastructure area, given its
current strengths in distributed storage and servers, and its strategic
partnerships with EMC and SUN.
For more information: http://www.comparexgroup.com
About Brait
Brait S.A is an international investment and merchant banking group listed on
the Luxembourg, London and Johannesburg Stock Exchanges. It has shareholders
funds of R1,1 billion (approximately US$168 million), has 250 employees, and
made profit after tax of R232 million (US$35,6 million) for the year ended 31
March 2000. Brait's core areas of activity are Funds Management, Advisory
Services, Investing and Banking and Treasury.
With a presence in Johannesburg, Durban, Cape Town, Mauritius, Luxembourg,
Switzerland, London and Sydney, the Brait group comprises six strategic
business units - advisory services, banking, private equity, proprietary
investing, research and trading, to ensure the delivery off an integrated and
multi-faceted service offering to its client base. Brait also has joint venture
partnerships with ipac Securities a leading international financial planning
group, and African Alliance, a financial services company that focuses on
selected niche merchant banking activities in Africa.
For more information please contact:
Comparex Holdings
Carel van der Merwe (South Africa and Europe)
Executive Director - Corporate Finance, Comparex Holdings
+44 20 7290 9750
Kate Rushton (South Africa)
Manager - Investor Relations, Comparex Holdings
+27 (0)11 266 5361
INTENDA
Etienne Fourie (South Africa)
Managing Director
+27 (0) 83 445 3811
Brait
Greg Voigt (South Africa)
Executive - Braitec
+27 (0) 11 507 1524
Sean Dougherty (South Africa)
Executive - Braitec
+27 (0) 11 507 1560
