The management of Itec Group, the South African document management and printing firm, is teaming up with Investec and private equity firm Khulasande Capital to acquire all the company’s outstanding shares and take control of the company. The financial terms of the deal were not disclosed.
The company, which started life as Konica in 1996 before changing its name to Itec in 2004, was founded by Jacques Duyver, who held 90% of the issued shares. Philip Perkins, Itec’s CEO sees the buyout yielding a number of new opportunities among its many benefits.
“These are exciting times for Itec as we approach our 20th anniversary in 2016. We will continue to pursue our goal to provide our clients with a best of breed range of office automation and enterprise communication solutions that exceed their expectations,” he said. “In addition, we have plans to become increasingly more involved in system development while introducing innovations that will greatly improve operating efficiencies, service delivery and customer flexibility.”