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4Sight Holdings has 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, the purchase will cost 4Sight Holdings R85.57 million payable in cash and R11.69m through the issue of 36 941 800 million 4Sight Holdings shares at R2.00 a share.

4Sight Holdings buys Foursight South AfricaFoursight South Africa was originally created as a public holding company in 2016 to acquire Industry4.0 technology companies operating in digitisation implementation, data science, data management, process mining, dashboard technology, enterprise architecture and customer relationship management solution areas, with the aim of listing on the JSE. The listing was put on hold when Foursight South Africa approached Digitata Limited to join the group.

The Mauritian-based technology company requested that a Mauritian holding company be established for the listing, namely 4Sight Holdings. 4Sight Holdings has a market capitalisation of just over than R650-million. “Pursuant to the listing of 4Sight Holdings, the various acquisitions can now be concluded,” the group said in a statement.

The acquisition will give 4Sight control over all of Foursight South Africa subsidiaries. Foursight South Africa and its subsidiaries will become subsidiaries of 4Sight Holdings and “will adhere to the provisions of the JSE listing requirements”. 4Sight Holdings listed on the Johannesburg Stock Exchange's Alternative Exchange on 19 October 2017.

Prior to the announcement of the sale, Foursight South Africa announced that it has concluded an agreement to acquire three companies: Casewise South Africa, Visualitics and Fleek Consulting. These companies provide data analysis consulting and solutions, supporting the larger telecommunications, media and property solutions and the mining and manufacturing solutions within the group.

Image credit: Copyright: Elnur / 123RF Stock Photo

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