AltX-listed engineering company Ansys on Wednesday announced that it had purchased 100% of the shares and shareholder loans of Tedaka Technologies from Tedaka Investments for R22-million, subject to certain profit warranties.
Tedaka Technologies is a supplier of transmission and networking products and services to the telecommunications industry, covering wire line, wireless and enterprise networks throughout sub-Saharan Africa.
Ansys indicated that the acquisition would expand its offering to include the telecommunications sector, thereby reducing its exposure to the rail and defence sectors.
On May 10, Ansys made an offer to purchase Tedaka Technologies with effect September 1. The offer was accepted by Tedaka Technologies on May 21, subject to the signing of legal agreements.
Ansys nonexecutive chairperson Teddy Daka, who is a beneficiary of TDK Trust, which owns 100% of Tedaka Investments, would convert R8-million of his shareholders loan into equity, while the remainder of the loan would bear interest at the prime overdraft rate.
Tedaka Technologies would continue to operate as a separate entity until its profit after tax for 2014 had been determined.