PEN-IT says it is buying financial software technologies company, from its founder shareholders, the Muno Technologies, for R350 000.
The PENIT group has entered into inter-conditional agreements in terms of which it will acquire 100% of the issued share capital of Muno Technologies, and Muno Financial Services, which comprises of Muno Tender Finance and Muno Cash Loans.
Mulalo Masisi, who conceptualised and strategised Muno Financial Services’s direction, will continue to serve as managing director of Muno Technologies following closure of the transaction, and current staff will be retained, PEN-IT said.
Muno Technologies (Pty) Ltd is a professional IT consulting company providing managed IT services and sales offering comprehensive and cost-effective enterprise IT solutions to meet modern business demands. Muno boasts itself with an expert team of certified IT professionals, combining over 5 years of IT experience supporting clients with offices in Fourways, Polokwane and Thohoyandou. For the 12 months of February 2020, it generated revenue of R580 000. “It has continued to trade well relative to the Covid-19 lockdown environment demonstrating both the resilient nature of the industry and the inherent brand equity of the retailer,” PEN-IT said.