CQS Holdings set to rename to CaseWare Africa as it enters final phase of acquisition by Adapt IT
The acquisition of CQS Technology Holdings, which was announced at the end of 2015 by Adapt IT, will move into its final phase on 1 July, when the CQS name will be replaced by CaseWare Africa, a division of Adapt IT.
Ross Hampton, MD of the division, and long standing Director of CQS, is enthusiastic about the move.
“The acquisition has been carefully planned to cause minimum disruption to our clients. The leadership and team remain the same, and the way we engage with our clients will stay unchanged but with the added benefit of having the resources of a much larger, JSE listed, entity behind us,” he says. “CaseWare is the world leader in financial reporting and audit software, and has achieved dominance in South Africa because of the local team’s passion for what they do and their obsession with delivering the highest level of customer service to all clients, regardless of size. All of that remains in place, as it has done since the acquisition was announced.”
Hampton confirms that the move into a larger group will yield substantial benefits to the company’s current customers. “Being part of a large group is a significant advantage as the cloud era dawns. Technology is disrupting the accounting and audit profession by driving automation and supporting the creation of an ecosystem across the reporting value chain.
“Cloud enables seamless collaboration irrespective of geography, common stores of big data and powerful analytics to derive deeper insight and so add value to customers. The role of the finance professional is transforming,” Mr Hampton says. “All of this requires considerable infrastructure and, as part of a bigger group, CaseWare Africa is even better placed to partner with its clients as they face the challenges and seize the opportunities new technologies present.”
CaseWare Africa has an existing team of local developers as well as audit and accounting specialists devoted to localising the software in line with relevant government and other regulations and standards. This localisation effort will be strengthened further via access to the resources of the Adapt IT group, particularly as CaseWare’s drive into other African companies gains momentum, and the software needs to be localised for each country.
“Africa has been a growth focus for some time, and Adapt IT’s existing footprint in Mauritius and Botswana, with Kenya soon to come, will allow us to offer in-country support and service more rapidly,” says Mr Hampton. “This acquisition adds a considerable upside for enhancing what we already offer our clients.”