MIS falls to South African suitor

Johannesburg-based SecureData launches bid for UK IT security reseller

One of the UK’s largest specialist security resellers, MIS Corporate Defence Solutions, looks set to be acquired by a South African rival in a deal worth up to £14.2m.

Johannesburg-listed SecureData intends to launch an offer for the VAR through a new company, SDH UK, which it has set up with management from MIS. More than 90 per cent of MIS’s shareholders have already indicated their support for the deal, which is expected to close by the end of February.

SecureData said the acquisition would give it a footprint within a large and growing market “with geographic proximity to opportunities in the rest of Europe”.

It stressed that the duo share several suppliers and have similar customer profiles. SecureData, which operates across Africa, boasts partnerships with the likes of Check Point, Nokia, Websense and Trend Micro.

SecureData also said it hopes to utilise MIS’s managed services technologies and processes to provide managed information risk services to its customer base in Africa.

SecureData intends to fund the purchase through a £7.1m share issue and £5.4m raised through senior debt. The balance of £1.7m will be paid by MIS management, who will own 24 per cent of the new firm.