Cognosec AB (Nasdaq: COGS), a supplier of cyber security solutions with operations in Europe, Africa and the Middle East, has signed an exclusive agreement with Intact Software Distribution, a South Africa-based company specialising in the sale and digital distribution via innovative portal technologies of cyber security solutions, products and services, the company said.
The acquisition is in line with Cognosec´s strategy to expand business areas to cover the sale and distribution of software technologies over the internet.
Cognosec AB has signed a Heads of Terms of Agreement pursuant to the acquisition of Intact Software Distribution, which is expected to close in Q3, 2017 subject to legal, financial and technology due diligence exercises.
Intact Software Distribution is a South African registered company with offices in Cape Town and Johannesburg. The transaction will include the acquisition of 100% of outstanding shares for a consideration of approximately EUR 255,000[i] comprised of EUR 51,000 cash and EUR 204,000 Cognosec AB new issue shares. The transaction will be completed by Cognosec AB subsidiary, Credence Security. There will be no other impact on Cognosec AB´s balance sheet.
Intact Software Distribution is a specialist Digital Software Distribution Business, distributing cyber security solutions by portal and established by pioneers of digital software distribution. The company provides a focused approach to support and technical knowledge transfer in association with the distribution channel. Where required, the company can provide assistance with implementation of the products.
Intact Software Distribution complements the recent acquisition of A-TEK DISTRIBUTION by Cognosec and is positioned as a New Age Distribution Business, enabling global access to the vast Enterprise & SME markets with Pay-as-you-Use and Software-as-a-Service cyber security solutions. The technology platform provides significant scalability and global advantages through innovative distribution methodologies.
Cognosec AB provides cyber resilience solutions and in cyber-attack prevention. The business conducts international operations from offices in Sweden, South Africa, the UK, Kenya, Germany, Austria and the United Arab Emirates.