inq. gets Competition Commission approval for Syrex acquisition thereby expanding its footprint into South Africa
(13 July 2022 – Johannesburg) – inq., a Convergence Partner’s company, has received Competition Commission approval without conditions to acquire Syrex, a provider of hyperconverged cloud technology solutions in South Africa. The strategic acquisition bolsters an already robust business offering from Syrex to provide innovative, reliable, and industry-leading solutions to the South African market.
This follows the announcement at the end of May this year that inq., a leading edge computing company, has reached an agreement to acquire Syrex for an undisclosed amount.
Syrex is a hyperconverged solutions provider that delivers the full ICT services offering, from connectivity to security and tailored IT Managed Services. Furthermore, Syrex holds an ECS/ECNS licence from ICASA. Syrex is a well-established solutions provider with partnerships such as Microsoft (Gold), Mimecast (MSP) and Checkpoint (4 star).
According to the Competition Commission, the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. It further found that the proposed transaction does not raise any public interest concerns.
“The acquisition will bring two strategically aligned businesses together to deliver their technology and services across the African continent. This will bring a combined offering into the African market to deliver the best technologies available. We are very excited that our cross-border clients will benefit from Syrex’s strong hyperconverged solutions and inq.’s edge solutions and services. The synergy of our people and cultures will create great opportunities into the future,” said David Herselman, Managing Director, Syrex.
With a presence in nine countries, this strategic acquisition will see inq. expand its coverage to the South African market to ultimately facilitate and operate its African divisions and integrate edge computing solutions across the continent. Edge services are increasingly critical to digital transformation and fundamental to enterprises across the public sector and private sectors (Banking, Financial Services and Insurance (BFSI), Oil and Gas, Mining, FMCG, etc.)
Speaking about the acquisition, Andile Ngcaba, Executive Chairman of inq. said: “The combination of Syrex and inq. is geared towards deepening our footprint in South Africa to drive hyperconverged and edge services and solutions within one of the most developed ICT markets on the continent both in the public and the private Sectors. Syrex brings to the fold the right qualities that our clients require.”