Johannesburg, 17 December 2020: Today, Bytes Technology Group, a leading IT company lists on the Johannesburg Stock Exchange’s (JSE) Main Board, making this the fifth company listing this year outside of Exchange Traded Products (ETPs).
Bytes Technology Group operates mainly within South Africa; however, it has some operations in several other African countries and the United Kingdom. This is a secondary listing for the Group under the software and computers classification. This followed an announcement by Altron on 2 April 2020, that it had resolved to demerge and separately list its UK business (Bytes) on the London Stock Exchange and JSE to unlock value for Altron shareholders.
Neil Murphy, Bytes Chief Executive Officer, commented “It gives us great pleasure to welcome our new shareholders to the business. We believe listing as a standalone group gives us a tremendous platform to deliver on the strong growth opportunities we see in our markets. We are delighted by the level of interest shown by potential investors and are looking forward to this exciting next stage for Bytes Technology Group.”
Bytes Technology Group, formerly a subsidiary of Allied Electronics Corporation Limited (“Altron”), is one of the UK’s leading providers of IT software offerings and solutions, with a focus on cloud and security products. The company has a diverse range of blue-chip customers with 4,929 customers across the private and public sectors. The Group has a particularly strong track record of working with Microsoft and is one of Microsoft's largest partners in the UK by revenue. Bytes has experienced strong growth between FY10 and FY20, gross profit increased from £12.6m to £79.2m, representing a CAGR of 20%.
“The JSE is excited to welcome Bytes Technology Group onto the Main Board of the leading bourse on the continent. This is an incredible opportunity that allows South African investors to be a part of the innovative and growing technology space. We wish the Group tremendous success in the next chapter of their growth journey.” says Thato Matsafu, Head of Primary Markets at the JSE.
Bytes Technology Group will fall within the Software and Computers FTSE classification. The company has issued 238 million ordinary shares at £0.01 each. The listing of Bytes Technology Group brings the number of listed companies on the JSE to 341 with an overall Market Cap of over R18 Trillion.
ABOUT THE JSE
The Johannesburg Stock Exchange (JSE) has a well-established history operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself as being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent. The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for over 130 years.
As a leading global exchange, the JSE co-creates, unlocks value & makes real connections happen.
Tel: 011 520 7331
Mobile: 072 419 4610