EOH disposes of Sybrin
Technology services company EOH has entered into a share purchase agreement for the sale of Sybrin to a consortium comprising One Thousand & One Voices (1K1V) Management and Crossfin Technology (CFTH) and their black economic empowerment partners led by Isaac Mophatlane.
The sale is for a cash consideration of R334-million, which, after adjusting for net debt, non-operating assets and working capital, equates to an enterprise value of R410-million.
1K1V is a private equity fund backed exclusively by families from around the globe, while CFTH is an investment holding company that offers investors a blended exposure to technology investments in fintech.
EOH CEO Stephen van Coller says EOH acquired Sybrin in 2013 as it was a “great fit” with the EOH strategy at the time, which included a stronger vertical focus and the opportunity for African expansion.
“We are excited for the new opportunities that this disposal brings for Sybrin.
“The sale of Sybrin is in line with EOH’s stated strategic goals of deleveraging the balance sheet as well as refining the business model. Over the past two years, EOH has been focused on establishing an appropriate capital structure,” he adds.
This transaction enables Sybrin to unlock its full potential and brings EOH a step further towards building the ‘EOH of the future’ by reorganising the group and strengthening EOH’s capital structure, says Van Coller.
Established in 1991, Sybrin provides tailored solutions to the banking, financial services and insurance sectors, as well as central governments.
Using its proprietary low-code platform, Sybrin specialises in developing, implementing and integrating end-to-end systems and solutions.
Sybrin CEO Marius Maree says the company has benefitted from being part of the EOH journey and is now at a stage where it is well positioned to leverage its proven record and significantly scale its innovative technology across several geographies.
As such, Sybrin is looking forward to starting the next growth chapter with its new partners, he says.
This transaction represents a significant milestone in EOH’s deleveraging plan and the proceeds of the transaction, net of costs, will primarily be applied to reduce debt with the remainder used for working capital requirements.
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