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Two companies, Canadian-based Volaris and South African Huge Group, have both made offers to acquire Adapt IT, founded by Sbu Shabalala.

Adapt IT underlines South Africa challenges in muted earnings Subscribe Adapt IT on Tuesday (9 March) reported a 2% drop in revenue for the six months ended December 2020, to R707 million, due to ongoing challenging and weaker trading conditions particularly in South Africa – which remains the group’s primary market, constituting 73% of total revenue. Profit from operations, however, improved by a percent, to R79.83 million. “The Covid-19 global pandemic caused repeated shutdowns or slowdowns in certain of our client segments resulting in project volume decline and delays, with project ...

Huge has given notice to the board of Adapt IT that it has made a general offer to acquire all of the issued Adapt IT shares.