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CyberAntrix Business Sold To Mustek for R20m
CyberAntix Stake Sold To Mustek: SE-listed technology firm, Mustek, has acquired a 70% stake in cybersecurity firm CyberAntix from Ayo Technology Solutions subsidiary Sizwe IT Group for R20-million.
The agreement includes all shareholder claims on the loan account or otherwise held by Sizwe against Cyberantix, as one indivisible transaction, for a total consideration of R20m.
The total consideration is broken down into R8m for Sizwe shares and R12m in respect of the claims.
CyberAntix Stake Sold To Mustek
In a statement, Ayo says Sizwe Africa IT Group, an indirect 55% owned subsidiary of Ayo, entered into a sale of shares and claims agreement with Mustek and Cyberantix, for the sale of Sizwe’s 70% interest in the issued share capital of Cyberantrix.
The remaining 30% interest in Cyberantix is owned by NIL Data Africa, which is not a related party to Ayo or any of its subsidiaries.
According to Ayo, Cyberantix is a South African level 2 B-BBEE company that provides security operations centre-as-a-service, primarily focusing on cyber security solutions for small to medium enterprises, government and larger enterprises.
Cyberantix is a cybersecurity business that provides security operations solutions for SMEs, mid-sized corporations, government and larger enterprises. While the business has growth potential, Ayo said this was expected over the medium to long term and would require further investment to become fully scalable.
“The majority of Cyberantix’s clients are not aligned to the Sizwe group’s strategic priorities. CyberAntix Stake Sold To Mustek.”
As a result, management believes it would be more advantageous to partner with an already existing scaled cybersecurity company capable of executing the larger projects currently undertaken by the company.”
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Mustek’s Goal On The Acquisition
Mustek hopes to use the acquisition to expand the cloud services it already provides to the market by expanding its offerings from hardware towards services.
In the group’s results for the year ended 30 June 2024, revenue declined by 16% to R8.5-billion as sales of renewable energy solutions tanked following the suspension of load shedding in March, according to TechCentral.
However, the sale of green energy solutions fuelled Mustek’s growth in the previous year, while its IT businesses stalled due to spending cuts by clients due to high inflation and interest rates combined with uncertainty in the run-up to the national general election in May.
“We have cloud software and security as part of our product offering, so this [acquisition] gives a value-add to our customer base. It helps us differentiate ourselves and evolve, like most traditional distributors. We are spreading ourselves more into the services and software aspects of the game and this broadens our product offering,” said Mustek chief marketing officer Nicole
