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Ellies to buy security-solutions firm for R18m
26 Nov 08
JSE-listed electronics company Ellies Holdings has acquired electronic-security company Consolidated Associated Technologies (Cat) for a purchase price of R18-million – the acquisition would be effective from January 1, 2009.
The purchase would be settled through a cash payment of R9-million, with the balance payable in Ellies shares.
The Ellies said the acquisition would fill a strategic service and product supply role, by adding Cat’s product range and skills to the group’s existing offerings. The Cat business contribution would “enhance” the group’s services to its existing corporate customers, and a total packaged offering to the group’s new customers.
The demand for improved security measures and solutions had necessitated the need for Ellies to expand its current security offerings to include additional options, provided by the Cat business.
“The demand for improved security measures led us to researching the possibility of expanding our current security offerings to include options like closed circuit television,” Ellies CEO Wayne Samson said, adding that Cat Security, with its electronic-security innovations, was identified as being able to close that gap.
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