Altech acquires ISP

3 Apr 2009

Allied Technologies Ltd (Altech) has announced the acquisition of 100% of South African ISP Lateral Technology Concepts (LTC). Altech’s CEO Craig Venter said, ‘We have been interested in purchasing an ISP for some time. As a result of the changed regulatory landscape, moving into internet service provision is a natural extension of Altech’s existing business.’ Altech will pay ZAR7.5 million (USD800,000) up front and a maximum of ZAR37.5 million to shareholders over the following two years. Altech designs, develops and manufactures IT and telecoms equipment and reported revenues of ZAR8.2 billion in 2008.

South Africa, Altech (Allied Technologies)