iOCO expands enterprise technology portfolio
JSE-listed technology company iOCO has announced the acquisition of Astraia Technologies, a Cape Town-based cloud enterprise resource planning (ERP) specialist, marking the group’s second acquisition in just four months as it continues executing its post-turnaround growth strategy.
The transaction, announced through a voluntary JSE SENS statement, will see iOCO acquire 100% of Astraia Technologies’ issued share capital. While the financial terms of the deal remain undisclosed, the agreement includes a potential performance-based earn-out linked to Astraia’s growth over the 18 months following the acquisition. The deal is expected to close within six weeks, subject to customary conditions.
Strengthening cloud ERP capabilities
Founded in 2010 by chartered accountant David Bryant, Astraia Technologies has built a reputation as a specialist in cloud ERP implementations, financial software integration and business process optimisation. The company serves clients across South Africa, the Middle East and the broader African market.
The acquisition bolsters iOCO’s Business Applications and ERP division, which already delivers enterprise solutions across platforms including SAP, Oracle, Infor, Acumatica and SYSPRO. By integrating Astraia’s expertise, iOCO aims to provide customers with a broader range of digital transformation and enterprise software services.
Second acquisition in four months
The Astraia deal follows iOCO’s acquisition of MySky Group earlier this year, highlighting a renewed appetite for strategic acquisitions after returning to profitability.
The company, formerly known as EOH before rebranding to iOCO, has been focused on streamlining operations, strengthening its balance sheet and pursuing targeted acquisitions that complement its existing technology portfolio.
CEO outlines acquisition strategy
iOCO CEO Rhys Summerton said the company is targeting smaller, high-value acquisitions that can quickly benefit from the group’s broader technology ecosystem.
“The strategy of making smaller acquisitions who can access iOCO’s diverse and broad platform allow immediate scalability across products and customers. We see the opportunity to accelerate iOCO’s growth with our acquisition strategy,” Summerton said.
Positioning for long-term growth
Industry analysts believe the acquisition reflects growing demand for cloud-based ERP solutions as businesses continue investing in digital transformation and automation.
With Astraia’s specialist ERP expertise now part of the business, iOCO is expected to strengthen its managed services, infrastructure and enterprise software offerings while creating new opportunities to cross-sell cloud, cybersecurity and digital transformation services to a wider customer base.
