Johannesburg - JSE-listed Capital Appreciation [JSE:CTA] has bought fintech firm Synthesis Software Technologies for R132.1m.
The specialised technology company provides services to financial institutions, such as Investec, Absa, Standard Bank, Capitec and Nedbank.
Despite being wholly-owned by Capital Appreciation, Synthesis will continue to operate independently. The company will continue to operate as a fintech firm, with access to resources and capital from the specialist acquisition firm, Capital Appreciation.
Managing director, Michael Shapiro said its vision would be enhanced by being part of the Capital Appreciation team.
“Synthesis is well positioned to capitalise on financial institutions’ on-going requirements to invest in innovation, increase customer reach, reduce operating costs and enhance regulatory compliance,” said Bradley Sacks, joint chief executive of Capital Appreciation.
“This acquisition is in line with Capital Appreciation’s value creation objectives and its strategy of providing established and emerging financial services companies with fintech services,” he added.
Capital Appreciation has a market capitalisation over R1.2 trn. The share was trading at 0.79c at 10.30am.Read Fin24's top stories trending on Twitter: Fin24’s top stories