Metrofile Holdings, the Johannesburg Stock Exchange-listed integrated records and information management group, has snapped up full equity in Document Bank Botswana, Mmegi Business has learnt.
The value of the transaction is yet to be revealed. Metrofile, regarded as the leading name in the African market, yesterday said the deal was part of a strategy of acquiring ‘bolt-on’ acquisitions in areas believed to offer medium to long-term growth opportunities. Executives said the Botswana purchase was part of an overarching Africa expansion strategy.
“As a member of Metrofile, Document Bank’s services will also expand to include all Metrofile services such as software management, paper recycling and business continuity services to provide existing and new customers with a holistic solution,” said Metrofile chief financial officer, Mark McGowan in a statement. He added that Document Bank Botswana’s existing management, who include its South African founder, Trevor Swanepoel, would continue running the local firm’s day-to-day operations.
“The company’s overall strategy will be determined and controlled by the board of directors, comprised of both Metrofile and Document Bank leadership. “Document Bank will now trade in the market under the name Document Bank – A Metrofile Group Company,” McGowan said. Metrofile first initiated its takeover bid last year, using the JSE-listed group’s wholly owned subsidiary Atikin (Pty) Ltd.
Document Bank Botswana is the country’s leading document and data storage firm, founded more than two years ago by Swanepoel. The firm is primarily involved in scanning, data capture and document storage, confidential destructions, filing solutions, document imaging, system design, data storage, disaster recovery and remote backup. Metrofile is the continental leader in both physical and digital information and records management in Africa and is represented in the six major provinces of South Africa as well as in Mozambique, Nigeria, Zambia and the United Arab Emirates. Source: Mmegi