4Sight Holdings said on Monday it had entered into an agreement to acquire the entire issued share capital and loan account claims of the Foursight South Africa group, effective from January 1.
“Foursight South Africa and its subsidiaries will become subsidiaries of 4Sight Holdings and will adhere to the provisions of the JSE listing requirements,” it said in a statement.
Foursight South Africa was originally created as a public holding company in 2016 to acquire Industry4.0 technology companies operating in digitization implementation, data science, data management, process mining, dashboard technology, enterprise architecture and customer relationship management solution areas, ultimately listing on the JSE.
This process was put on hold when Foursight South Africa approached Digitata Limited to join the group and, following a request from Digitata, 4Sight Holdings, a Mauritian holding company, was established for the listing.
“Pursuant to the listing of 4Sight Holdings, the various acquisitions can now be concluded,” 4Sight said.
It said the consideration for the acquisition was R85.57 million, payable in cash of R11.69 million and and through the issue of 36,941,800 4Sight shares at R2 per share. (via African News Agency+