The local distributor landscape has recently seen ICT specialist Corex get acquired by Partner Tech. The latter now has 100 percent ownership of the former, with Corex now becoming a fully fledged subsidiary of the Partner Tech Group.
The Partner Tech Group is also a 70 percent subsidiary of the an international conglomerate called The Qisda/BenQ/AUO Group, which has an annual revenue in excess of $25 billion.
With interest in a wide variety of technical fields, Partner Tech now has an increased presence in the local ICT distributor market thanks to its acquisition of Corex.
“Partner Tech is extremely excited to have COREX as part of our family,” says Peter Chen, chairman of Partner Tech.
“This strategic acquisition is another step in our journey to build on our foundations as a major intelligent store technology player in South Africa and presents a powerful opportunity for Partner Tech to significantly expand our presence in the region. Together we can seize any business opportunities that present themselves in the coming boom within the IoT and Smart Retailing sectors,” he adds.
As for why Corex decided to go this route, the distributor has become fully aware of the uncertainty that our current economic landscape holds, and therefore chose to be a part of a more robust brand.
“The local and global markets have had extremely interesting challenges of late, particularly over the last 5 years,” explains Mark Lu, CEO of COREX.
“The precarious times we find ourselves in at present presents us with opportunities, but also poses serious threats to the industry, our economy, and thus our job market in South Africa.”
As for what will happen to Corex following this acquisition, Lu will be retained as CEO as part of a five-year management agreement, and the current Partner Tech Africa division will be amalgamated under the Corex structure.
“The combination of the current COREX expertise, backed by the might of the Partner Tech and Qisda groups, will undoubtedly fast-track the road to fulfilling our vision in South Africa and across the continent. We look forward to the prosperity that this new chapter will bring,” concludes Lu.