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Adapt IT CEO Sbu Shabalala resigns after assault allegations

Software group founder quits as three months of leave come to an end. ....

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Battle between Huge Group and Volaris as both vie for Adapt IT

Two companies, Canadian-based Volaris and South African Huge Group, have both made offers to acquire Adapt IT, founded by Sbu Shabalala. ....

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Adapt IT underlines South Africa challenges in muted earnings

Adapt IT underlines South Africa challenges in muted earnings
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Adapt IT on Tuesday (9 March) reported a 2% drop in revenue for the six months ended December 2020, to R707 million, due to ongoing challenging and weaker trading conditions particularly in South Africa – which remains the group’s primary market, constituting 73% of total revenue.
Profit from operations, however, improved by a percent, to R79.83 million.
“The Covid-19 global pandemic caused repeated shutdowns or slowdowns in certain of our client segments resulting in project volume decline and delays, with project based revenue suffering longer lead times,” it said.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was R128 million, marginally down from R129 million in 2019. ....

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Huge Group makes surprise offer to buy Adapt IT

Huge has given notice to the board of Adapt IT that it has made a general offer to acquire all of the issued Adapt IT shares. ....

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