Nice is an Italian group operating in the field of home automations and is based in Oderzo (Treviso), Northern Italy. On March 2, Nice announced the acquisition of ET Systems Ltd, a South African company specialising in the production and sale of automation systems for gates, a company with twenty five years’ experiencen in the field.
ET Systems is the second player in South Africa in this industry. It has five subsidiaries and in 2014 the company posted a turnover of around 130 million Rand. Nice paid 130 million Rand as an initial upfront portion of the total amount due for the acquisition of 100% ET Systems share capital. The remaining 31 million Rand, will be cleared on the basis of ET Systems financial performance to February 28, according to a company statement.
Lauro Buoro, Chairman of Nice, said:
“It is a significant step forward as part of the Group’s business strategy to expand its presence in the region. considering the market growth potential in South Africa and neighbouring countries where we intend to grow our client base”.
Nice is traded on Milan Stock Exchange (FTSE Italia Small Cap).
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