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S African DiData buys 37.45% in India's Nihilent

South Africa's biggest tech group, Dimension Data, has bought a 37.45 per cent stake in India-based software firm Nihilent Technologies from Nedcor Bank.

The firms did not disclose the price at which the deal was struck.

Nedcor will be left with an equal or 37.45 per cent stake in Nihilent after the sale, with Nihilent employees holding the remaining 25.1 per cent stake in the company, a joint statement said.

"Acquiring an equity stake in Nihilent provides us with a cost-effective opportunity to develop and expand our business solutions offerings," Dirk Ackerman, executive director of Dimension Data, was quoted as saying.

Pune-based Nihilent, managed by Indians, was set up in 2000 with a 74.9 per cent strategic investment by Nedcor Bank - South Africa's third-largest bank.

Dimension Data provides computer network installation, support, maintenance and consulting services to global clients and plans to use Nihilent's software capability to manage applications that run on corporate IT networks.

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