Bytes Technology Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1911/003874/06)
(ISIN Number ZAE000029526 Share code: BTG)
Media release
BTG acquires Old Mutual share in Uskotec
Multi-billion rand turnover company, Bytes Technology Group Limited (BTG),
through its division Bytes Business Solutions, has acquired the
40% shareholding owned by Old Mutual in Uskotec (Pty) Limited. BTG
previously held 60% of Uskotec and despite several substantial local and
overseas offers for the company and its shareholding in Uskotec, BTG decided
to buy out Old Mutual in keeping with BTG's strategy of increasing its
investment in the software solutions arena.
The wholly owned Uskotec, now renamed Bytes Software, is a South African
company that provides customised developed software, consultancy services,
managed IT outsourcing facilities and a full range of products including the
IN.product suite aimed at the local and international employee benefit and
banking markets.
The acquisition furthermore provides BTG with the flexibility to conduct the
business activities of Bytes Software in a less restricted manner, and to
enhance its offerings to customers and the market as a whole by co-opting
with other operations in the BTG fold. Old Mutual, Bytes Software's primary
customer to date, has been fully supportive of this transaction and indeed
welcomes the commercial and "arms length" relationship between supplier and
customer which has now evolved.
Newly appointed Managing Director of Bytes Software, Sid Stoffberg, said
this acquisition represents further investment in the software development
sector of the IT market and reflects BTG's commitment and confidence in the
quality of the solutions developed and offered by Bytes Software.
"It is our aim to turn Bytes Software into a customer-focused software
provider of solutions to the local and international markets," said
Stoffberg.
He said Bytes Software will continue to have a service provider relationship
with Old Mutual as Old Mutual has outsourced the support and maintenance of
certain of their legacy systems to Bytes Software.
Ends
Issued by:
Bytes Technology Group (BTG)
For more information:
Dana Jedrisko
Marketing and Communications Manager
Tel numbers: 800-9300
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