The recent acquisition of Space Age Technologies by Cyberlogic has produced a Western Cape IT services powerhouse. They are the top two Managed Service Providers in the local market and now have the scale required to grow both nationally and internationally.
According to Bradley Conarroe of Novitas Capital Advisors, corporate finance advisors to Space Age Technologies on the transaction, “The two founders of Space Age started the company 20 years ago and were ready to move onto a new challenge. They’d already started up a new company, Xuviate, that was taking up the majority of their time and they urgently needed to find someone to take over Space Age. The challenge was that with the founders exiting, the buyer would need to value the brand, client base and organization, and he’d need to be comfortable taking over the running of the business.”
He adds, “In Cyberlogic, we found the perfect buyer. It is ranked amongst the Top 50 Managed Service Providers (MSPs) in Europe, the Middle East and Africa, as well as the Top 500 MSPs globally. It was poised for growth and all it required was some bulking up to make it a formidable national and international player in the space. This sort of environment will bring with it many opportunities for the Space Age’s employees and continue to provide its clients the top level of service to which they have become accustomed.”
Edge Bisset, CEO of Cyberlogic adds “From the CyberLogic point of view, we’re extremely satisfied with this transaction. Selective acquisitions form part of our strategy and we could not have asked for a better opportunity. Space Age Technologies have been at the forefront of the IT Services industry for many years and are widely recognised as a leader in the local Managed Services space, so we were delighted to engage with them. All credit goes to Novitas for facilitating this deal. They quickly identified the synergies between the two companies and facilitated a speedy negotiation which suited all parties. Their solid understanding of the technology sector, as well as the local IT landscape, made all the difference.