QBS Technology Group buys Maxtec, teases more M&A in 2024

The acquisition adds 86 heads to QBS and grows its META footprint

QBS Technology Group has acquired South Africa-based cybersecurity distributor Maxtec for its "geography, fit and 'buyability'", CEO Dave Stevinson tells CRN.

Founded in 1986 and headquartered in Johannesburg, SA, value-added distributor Maxtec extends across the 16 countries comprising the South African Development Community (SADC) region, with further operations in Kenya, Angola and Botswana.

The addition of the South African VAD brings QBS' total headcount to more than 250 people.

"This deal has been in the works for well over two years," Stevinson reveals.

"Due to the scale of the business, and the size and quality of its customer base, it needed extensive due diligence coupled with clearance from multiple government departments in South Africa and the SADC region."

This deal marks QBS Group's fourteenth acquisition since its inception in 2017, further bolstering its presence in the META (Middle East, Turkey and Africa) region and continuing its journey to become a $1bn global business by 2030.

"We've got a very clear roadmap. It's a very careful and subtle blend of rapid organic growth with inorganic growth in our key geographies.

"We started in the UK and the next step was Northern Europe with France and Germany. Then we expanded to the META region, so the next steps are to become a truly global company.

"We've gone from a start-up to a third of a billion dollars in revenue in six years. We're well on target to hit $1bn by 2030."

Stevinson lifts the curtain slightly on his game plan to hit $1bn, which includes more M&A this year.

"We are looking to expand internationally with a laser focus on software delivery through a very high quality partner network, selling into large enterprises and central government, particularly with a focus on financial services as a sector."

Going into more detail into why this is his company's focus, Stevinson said QBS follows the infamous Sutton's Law.

"Where there's strong governance, large tail-end software spend, competent buyers with a disproportionate amount of expenditure on large volumes and high=value enterprise software titles."