South African fintech group Capital Appreciation has concluded the acquisition of software firm Dariel for $7 million through a combination of cash and shares.the deal in April, saying it intended to acquire 100% of Dariel for an initial aggregate purchase consideration of R85.3 million to be settled by way of a cash payment of R46.9 million and the allotment out of treasury shares of 25,243,779 CTA shares, at R1. 52 per share, amounting to R38.4 million.
Dariel’s solutions are strongly cloud-based, with over 80% of its revenue related to the cloud in some form and more than 110 certifications in AWS and Azure to match.Capital Appreciation notified shareholders of the deal today in a notice on the Johannesburg Stock Exchange.Capital Appreciation – led by CEO Bradley Sacks - said the 180 experienced staff from Dariel and the entrepreneurial management allows it to accelerate its participation in growth opportunities available to the fintech.
Michael Shapiro, executive director and head of the Capital Appreciation software division, commented: “Capital Appreciation is delighted to welcome the talented team from Dariel to our Software group as we join forces to innovate in the software development arena. Malcolm Rabson, Gregory Vercellotti and Wayne Yan, the three founders of Dariel, will remain in the business and continue to steer the Dariel team.
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