Alviva Holdings Limited (JSE:AVV) agreed to acquire Tarsus Technology Group for approximately ZAR 190 million on November 12, 2020. Under terms ZAR 10 million payable at closing, ZAR 27.4 which may be paid prior to the closing date to the management of Tarsus or the difference between ZAR 167 million and the amount of the net asset value of Tarsus at the closing date, limited to ZAR 5 million after 6 months of the closing date, ZAR 32.8 million payable after 18 months of the closing date, ZAR 25.1 million after 30 months of the closing date. The transaction is subject to relevant approvals being obtained from the relevant competition authorities, by the closing date, the Alviva's confirmation to the seller, in writing, that no material adverse change in respect of Tarsus, as defined in the agreement has occurred, a written agreement, incorporating the terms and conditions of the term sheet in respect of the working capital facility, is concluded between Tarsus and Investec Bank Limited, on terms reasonably acceptable to the Alviva and a written agreement, incorporating the terms and conditions of the term sheet in respect of the working capital facility, is concluded between Tarsus and Investec Bank Limited, on terms reasonably acceptable to the Alviva. As of February 28, 2020, Tarsus has net assets of approximately ZAR 190 million, profit after tax of ZAR 34.8 million. Webber Wentzel and Investec Bank Limited advised seller. Tugendhaft Wapnick Banchetti and Partners acted as legal advisor for Alviva Holdings Limited. As of April 21, 2021, Competition Tribunal of South Africa approved the transaction with condition.

Alviva Holdings Limited (JSE:AVV) completed the acquisition of Tarsus Technology Group for approximately ZAR 190 million on March 2, 2022.