On The Money - In Brief
- Vodafone Egypt has agreed to buy a 51% stake in Egyptian ISP Raya Telecom from Raya Holding for EGP104 million (USD18 million), with an option to acquire the outstanding shares for a further USD18 million within two years. Raya Telecom provides residential and corporate Internet access and data services over its own infrastructure. The new partners have agreed to invest EGP50 million in the ISP to strengthen its range of services and to ‘explore synergies’ between the two companies.
- Durban-headquartered software developer InfoWave has reported a 46,8% growth in revenue for the six months ended 31 August, 2006. Revenue has grown to R26 million, compared with R17 million in the comparable period a year ago, with March acquisition ApplyIT contributing R4,1 million, or 50%, to the revenue growth.