Nicola Mawson
Convergence Partners has bought a majority stake in IT company Datacentrix for an undisclosed amount, in a bid to leverage assets across both companies to take advantage of the huge possibilities that artificial intelligence (AI) is to offer.
As part of a management buyout which will see existing management remaining to continue leading the company, management and Convergence Partners bought the company out from private equity firm, Alviva.
Alviva acquired Datacentrix in 2017, resulting in the company being delisted after nearly 20 years on the bourse.
The deal was initially announced on January 17 this year, and yesterday achieved unconditional approval from both the Competition Commission and Independent Communications Authority of South Africa.
