Durban, 17 December 2010:  Leading innovative IT services and specialised solutions provider, Adapt IT Holdings Limited has acquired the remaining 22,7% of ApplyIT (Pty) Limited with effect from 30 November 2010. Adapt IT Holdings will issue shares worth R0,72 million to settle the purchase consideration. The deal sees existing ApplyIT management team retained and fully aligned through holding equity in the Adapt IT Holdings listed entity, and is in line with the company’s stated acquisitive growth strategy. This follows the announcement in November and subsequent shareholder approval on 14th December, whereby the company acquired the remaining 49% of ITS Holdings Limited. This is in line with the strategic goal of wholly owning subsidiaries.

ApplyIT (Pty) Limited develops and implements niche software solutions specializing in SHE-Q, plant operations and supply chain management for process manufacturing, mining and energy companies nationally and internationally.

Adapt IT Holdings CEO, Sbu Shabalala says the transaction results in 100% ownership of ApplyIT (Pty) Limited and strengthens the company’s strategic alignment within the Adapt IT Group. Concluding this deal with ApplyIT management makes both strategic and operational sense for the Group.

Gavin Halse, MD of ApplyIT (Pty) Ltd says that the company has a blue chip customer base which can benefit from the group’s broader offerings. ApplyIT has also expanded into other geographies such as Australasia with its niche software solutions which will assist Adapt IT Holdings to identify further growth and diversification opportunities in new markets.

Says Tiffany Dunsdon, Commercial Director responsible for concluding the acquisition, “This agreement enables Adapt IT to unlock new synergies with ApplyIT and optimise operational efficiencies. Having now bought out all minorities in the Group, Adapt IT Holdings intends to pursue further acquisitions in line with its stated strategy to complement its organic growth.”