EOH sells 70% of construction software business for R444m

📆 2019-07-02 10:15 AM
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The technology group says the transaction is in line with its strategy to help its intellectual property and software-based businesses to expand internationally

EOH has sold 70% of its Construction Computer Software business to RIB Software for R444.4m as part of a strategic partnership agreement with the German buyer.

EOH, whose shares are about 90% below their 2015 highs because of governance concerns, said it would use the cash proceeds mainly to reduce debt. The CCS group of companies provides cost and enterprise software solutions for the construction and engineering industries. The group’s flagship products are construction management platform Candy and enterprise management system BuildSmart.“RIB is specifically focused on the construction vertical and intimately understands what the clients in this sector want and as such represents a natural fit for CCS,” EOH said.

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