Reunert buys majority stake in IQbusiness
Reunert is pleased to announce that we have concluded an agreement to acquire 74,2% of IQbusiness, through our wholly owned subsidiary Reunert ICT Holdings (Reunert ICT).
IQbusiness is one of South Africa’s largest management and technology consulting firms. With revenues exceeding R1,0 billion and a team of over 1 000, IQbusiness is a strong brand known to the market since its inception 25 years ago. Key competencies in IQbusiness include insights, consulting and contracting across consumer convergence in the financial services, retail and telecommunications sectors and manufacturing industry.
IQbusiness will form part of the Solutions and Systems Integration cluster of Reunert ICT. The acquisition of IQbusiness and its integration into Reunert ICT creates synergies for an expanded range of complementary offerings, with a significant increase in client access in both the enterprise and SME space, and improved routes-to-market through both direct and channel marketing relationships.
The combination of IQbusiness and Reunert ICT aligns to our strategic intent to create the leading South African ICT company and provides offerings and capabilities in business optimisation, solutions and systems integration focusing on digital business transformation through data science, cloud adoption, artificial intelligence, cyber security and the internet of things. This will enable Reunert ICT to deliver end to end technology solutions to its 40 000 clients across the key verticals in multiple countries.
Alan Dickson, the Group CEO of Reunert says that:
“The transaction has been concluded after extensive engagement between our two teams. There is a strong culture and values alignment between our teams and I am exceptionally pleased that all the management shareholders in the IQbusiness Partnership have retained their equity investment. This reflects their belief and motivation in the transaction and will greatly enhance the integration of IQbusiness into Reunert. Reunert recognises the value of our combined teams who will drive the business forward together.”
The Chief Executive of IQbusiness, Adam Craker, added that:
“Our combination has a unique proposition to provide strategic value to our clients in South Africa, and internationally, with offerings centred on enabling our clients to win in the digital economy. Together we aspire to become the employer of choice attracting specialised skills on our digital journey.”
“This acquisition supports Reunert ICT’s growth strategy and enhances our strategic vision of solving business challenges with innovative, high-tech solutions that unlock value for our clients, our companies and our shareholders,” reiterated Graeme Eddey the Reunert ICT Segment Head.
Rob Godlonton, Chief Executive Officer of +OneX, a subsidiary of Reunert ICT, supported this:
“The acquisition of IQbusiness adds meaningful scale to the Solutions and Systems Integration cluster in Reunert ICT. It is synergistic to the current investment made by Reunert ICT in +OneX, whose service offering we have expanded significantly since 2020. I am excited 2
about the addition of IQbusiness as this will enable us to solve additional client problems through our people and technology. Together, the strong brands of +OneX and IQbusiness augment the position of Reunert ICT as a leading technology innovator in the rapidly growing South African market.”
The transaction is subject to the fulfilment of suspensive conditions customary for a transaction of this nature, which includes the approval of the acquisition by the competition authorities.