Altron consolidates, launches new division
21 August 2013
News
Altech’s minority shareholders have accepted an offer by Altron to acquire all outstanding Altech shares, giving Altron 100% ownership of Altech along with its other two 100% owned subsidiaries, Bytes Technology Group and Powertech. In the wake of this move, Altron announced that it will form a new division named Altron TMT (Telecommunications, Multimedia and Information Technology).
The new division will comprise both the Altech and Bytes businesses, which will continue to exist as separate entities, and will be headed by Craig Venter who continues as Altech CEO. Reporting to him will be Rob Abraham and Peter Riskowitz, who are respectively the current CEO and CFO of Bytes.
Explaining the reasoning behind the acquisition, Robert Venter, chief executive at Altron said, “As a result of increasing convergence between the IT and telecommunications sectors we were starting to see many opportunities for Altech and Bytes to work closer together.
“It has become necessary to streamline the operations and put forward the best possible combination of products and services to our clients. We see opportunities for both revenue enhancement as well as cost efficiencies in the new structure. This will include the combination of the head offices of Bytes and Altech in the recently established Altech head office in Woodmead. This will further enhance the collaboration between the businesses.”
According to Craig Venter there are compelling reasons for Altech and Bytes joining forces: “Bringing Altech and Bytes together will create the largest converged solutions group on the African continent. In addition, the companies are both leading players in the markets in which they operate... putting these two groups together creates a formidable organisation, with incredible resource and potential in the TMT environment,” he said.
In addition to the Altron TMT appointments, Dr. Willie Oosthuysen, previously chief technology and chief strategic officer at Altech, has been appointed as Altron group executive: technology and strategy reporting to Robert Venter and joining the Altron executive committee.
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