Telimatrix acquires SDI group of companies
The acquisition includes Safe Drive International (SDI), its wholly owned subsidiary – Safe Drive FZE, a company incorporated in the Dubai Airport Free Zone, and 49% of Driver Training International Middle East & Africa (DTI), a company incorporated in the UAE.
SDI delivers land transport safety solutions, and has been a distributor of Omnibridge (a Group company) for the past eight years. Over the past year alone, SDI has added annuity contracts comprising more than 3,000 commercial vehicles. SDI has a primary focus on the oil and gas and mining sectors in the Middle East and Asian markets and also has a presence in Australia and Russia.
Telimatrix believes the acquisition will add value to the Group's intellectual capital pool and further expand its global footprint.
The acquisition is effective from July 1, 2008 and the purchase price comprises A$6 million plus 17 million ordinary shares in Telimatrix (based on an agreed value of ZAR1,70 per share).
The acquisition is subject to approval from the South African Reserve Bank.
