4Sight Holdings Limited, which last week listed in Non-Equity Investment Instruments sector of the JSE’s AltX board, announced on Monday plans to buy 100% of the shares in AGE Technologies.
4Sight Holdings which is incorporated in Mauritius, seeks to enable people to make decisions in the digital economy to better the quality of their being, business, and societies. The company operates in telecommunications, media and property services industries, and utilising big data, machine learning, AI, blockchain technology and data science capabilities.
AGE will become a subsidiary of 4Sight.
The company said it will pay R80 million to buy AGE from the vendors (NL Jackson – who owns 70% and MA Powell who has 30% shareholding).
“AGE has an established track record as a systems integrator providing a variety of sensors, control systems and other industrial devices known as the “Internet of Things” and forms an important part of the vertical stack of services to mining and manufacturing companies,” 4Sight said in a statement.
“Intelligent algorithms are required to glean data from such equipment and thus the acquisition is complementary to the separate acquisition of BluESP by 4Sight Holdings, which provides data analytics to the same market.
“Certain of their products or solutions will also be complementary to the telecommunications vertical under Digitata and the property solutions under GLOVent.”
AGE has been established for a number of years and has grown into one of the leading systems integrators in Africa, with a presence in 15 countries.
It offers controls systems, instrumentation, green energy and information technology communications and provides professional system
integration of automation and electrical engineering projects. AGE empowers its customers with cutting-edge technology solutions to increase efficacy in an innovative way.
“There are no remaining conditions precedent to the acquisition other than the signing of the agreement by 4Sight Holdings in Mauritius in accordance with Mauritian law, which is in the process,” said 4Sight.