Johannesburg - Matomo Group had snapped up a 30 percent stake in Alcom Systems from Allied Technologies (Altech) for an undisclosed sum, Thozamile Botha, the executive chairman of the black-owned information communication and technology (ICT) firm, said on Friday.
Alcom Systems is a wholly owned subsidiary of Altech.
"We are not going to add value by virtue of our complexion, but through our technological capability as a successful ICT firm," Botha said.
In terms of the deal, Alcom Systems will be renamed Alcom Matomo. Altech will own 70 percent of the new company and Matomo will hold 30 percent.
"We are not a sleeping partner and have proven our ability by deploying sophisticated technologies in the ICT sector," Botha said.
Matomo, formerly known as the Ikwezi Group, is a black-owned and managed firm with turnover in excess of R100 million, excluding investments.
Graham Passmoor, the Altech group executive in charge of Alcom Systems, said Matomo would complement the supply chain of Alcom Systems.
"We will categorise the deal with Matomo as a next-generation empowerment deal," Passmoor said.
"We see in them a partner who is hands-on in some of the businesses we are involved in."
He said there was already a working relationship between the two companies.
Craig Venter, the chief executive of Altech, said the deal was based on excellent fundamental business synergies.
"Matomo will be involved at both operational and shareholder levels," he said.
Venter added that Altech had recognised Matomo as an ideal partner for Alcom Systems, with which it could pursue a vision of wealth redistribution and equity ownership.
"We are confident that Alcom Matomo will strengthen the overall capabilities of both Altech and Matomo," he said.
Altech's share price lost 15c to close at R30 on Friday.