Cs Holdings Acquires Idion Solutions, A Subsidiary
CS Holdings acquires IDION Solutions, a subsidiary of IDION Technology
Holdings
Idion Technology Holdings Limited
CS Holdings has acquired IDION Solutions, the software integration and
development subsidiary of the IDION Technology Holdings Limited Group, for
an undisclosed amount. The transaction remains subject to certain conditions
being fulfilled and will not have a material effect on the assets or
earnings of either CS Holdings or IDION Technology Holdings.
According to CS Holdings CEO Annette van der Laan, this acquisition will add
value to CS Holdings` existing skill base and service offering and should
contribute approximately 4 percent to the Company`s annual revenue. "IDION
Solutions is a niche business that will complement our existing offering,
the resources and experience will be of great value to CS Holdings and its
customers. This acquisition will further enhance the sustainability and
critical mass of the CS Holdings consulting business."
IDION Solutions is a provider of business optimisation solutions and
services, using Microsoft Technology. The Company is a Microsoft Gold
Certified Partner and was also the first Microsoft .NET Preferred Partner in
South Africa. This alone is an acknowledgement that IDION Solutions is
totally committed to Microsoft, using it as the backbone of all its
implementations. Furthermore, IDION Solutions has proven expertise in
developing effective technology solutions, technical skills, and insight
into the .NET platform.
IDION Technology Holdings CEO Nicolaas Vlok says that, in line with earlier
statements regarding the future of IDION Solutions, the IDION Technology
Holdings board has decided to focus on its significant investment in Vision
Solutions, specialising in the business of enterprise managed availability
and taking its solutions offering cross platform. "We believe this sale is
in the best interest of IDION Solutions, its staff and IDION Technology
Holdings shareholders."
"The acquisition falls in line with CS Holdings` existing business
strategy," says CS Holdings executive director Dave Vink. "Although we
already have a significant Microsoft development capability, this
acquisition will accelerate our growth into the Microsoft arena. The
complementary nature of our skill sets means the integration of IDION
Solutions into the CS Holdings stable will be relatively painless."
He says that aside from complementary skill sets, IDION Solutions and CS
Holdings also have the same target industries and major geographic points of
presence in Johannesburg, Durban and Cape Town.
Vink believes that CS Holdings will benefit from the considerable value of
the market`s goodwill towards IDION Solutions, its strong reputation and the
methodologies it has developed and proven in industries such as financial
services, manufacturing, healthcare, hospitality and ICTs.
CS Holdings:
Corporate Advisor:
Havadel Finance (Pty) Ltd
Sponsor:
Gensec Bank Limited and Barnard Jacobs Mellet
Corporate Finance (Pty) Limited
IDION Technology Holdings:
Corporate Advisor:
Bravura Equity Services (Pty) Limited
Sponsor:
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 03/07/2002 04:19:41 PM Produced by the SENS Department
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