Interconnect Systems announce management buyout that takes the company to Level 2 B-BBEE and positions it for continued growth.
Interconnect is the largest privately held network infrastructure company in South Africa. We are delighted to announce that our executive team has bought out the share of the company held by co-founder, Tai van Aswegen. The transaction will be effective on 31 March 2023.
The management buyout is important because it gives our highly experienced executive team a real stake in the business, something that’s particularly important as we are experiencing significant growth which we expect to continue for the foreseeable future. Although we are a relatively young team, the new shareholders have well over 100 years of experience and a strong commitment to growing the business. We anticipate in excess of 35% growth in 2023.
“Growth is never by mere chance; it is the result of forces working together.”
Another important consequence of the management buyout is we are now a Level 2 B-BBEE contributor with 51% black ownership, and 31% black-female-ownership.
Mr van Aswegen will step down as Chairman, though he will remain as an exclusive consultant to the company. As of 1 April 2023, existing Interconnect Systems board member, Mr Joe Monakali is appointed chairperson. He and fellow current board member, Dr. Candice Booysen, are joined by new members, Mr Pierre van Aswegen, and Mr Eugene Lamb. Mr. Herman de Vries remains in his role as CEO of the company and reports to the board of directors of Interconnect Systems.
These are exciting times for Interconnect and our clients as we build on our 37 years of experience to further consolidate our position as South Africa’s leading provider of network infrastructure.
