Jun 9, 2021
EOH has entered into a share purchase agreement for the sale of Sybrin to a consortium group comprising of One Thousand & One Voices Management (Mauritius) (1K1V) and Crossfin Technology Holdings (CFTH) and their black economic empowerment partners led by Isaac Mophatlane, (together the Consortium) for a cash consideration of R334-million.
The Base Purchase Price, after adjusting for net debt, non-operating assets and working capital, equates to an enterprise value (EV) of R410-million implying an EV/normalised EBITDA multiple of 5,3x on Sybrin’s 31 July 2020 normalised EBITDA of R78-million.
1K1V is a private equity fund backed exclusively by industry-leading families from around the globe while CFTH is an investment holding company that offers investors a blended exposure to technology investments in Fintech. Established in 1991, Sybrin provides bespoke solutions to the banking, financial services and insurance sectors as well as central governments. Utilising its proprietary low-code platform, Sybrin specialises in developing, implementing and integrating end-to-end systems and solutions.