Ansys acquires technology firm for R93.2 million

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[DATA ANS:Ansys LTD.] will acquire 100 per cent of all the companies under the Parsec group, as well as a 75 per cent stake in its subsidiary Redline Technologies.

Parsec develops complementary technology driven engineering solutions for companies in mining, industrial, telecommunications and defence.

“The Parsec acquisition meets the key criterion of boosting our intellectual property capacity and cache. The 45 incoming highly skilled engineers will help entrench the group as an innovator in its field. The complementary product offerings are also a perfect fit,” said Teddy Daka, chief executive officer of Ansys.

“Although Parsec serves the same industries as Ansys, there is currently minimal overlap in product and services enabling us to offer new solutions to existing markets and diversify our income streams.”

(READ MORE: Ansys sees drop in revenue generation )

He added that the transaction will provide Ansys with first time entry into the international defence market through Parsec’s products such as radar, optical wireless broadband and digital signal processing, as well as expose them to longer-term contracts with annuity income potential.

“The acquisition is another progressive step aimed at cementing our turnaround and furthering our vision of becoming an intellectual property leader in our field. In addition to the specific benefits to our top line and skills pool, we intend to leverage other synergies and general economies of scale for profitable growth,” concluded Daka.