Altech acquires ISP

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.