South African IT company EOH has acquired 100% of financial services software provider Sybrin: a move that helps EOH further expand its African presence.

South African headquartered Sybrin is a specialised developer of software for financial services. Sybrin's offerings include the likes of workflow software, payment, imaging and document management solutions.

Sybrin has regional offices in Kenya, Zimbabwe, Zambia, Tanzania, Rwanda and Mozambique.

Meanwhile, EOH, which is listed on the Johannesburg Stock Exchange (JSE), is a firm that is rapidly growing especially in the South African market.

Last month, EOH reported in its full-year results that its organic growth and acquisitions boosted its revenue 40% in the year to July, taking turnover to just over R5 billion, with half of that amount being added in the second six months.

The listed company also reported profit after tax of R331 million, a 49% gain, while cash grew 45% to R653 million.

Moreover, EOH has made several small acquisitions in its last financial year, as it has spent R224.6 million in the first six months alone out of a total of R358 million.

The value of the EOH deal with Sybrin, though, has not been disclosed.

"We were attracted to Sybrin because of its strong management team, solution set and African presence,” said chief executive officer of EOH stated Asher Bohbot said in a statement.

“Sybrin is a great fit into our existing strategy, which includes stronger vertical focus and aggressive African expansion," added Bohbot.

Steve Prowse, chief executive officer of Sybrin said, "We wanted a partner that could bring our company to the next level, and we are very excited to be part of EOH."

Earlier this year, EOH said it has made inroads into the African market.

EOH has said that it has identified countries in East and West Africa that it hopes could account for around 30% of its revenue within five years.

Bohbot has also previously said that EOH's plan is to set up bases with local partners in a bid to offer its full suite of offerings and, at half year, it was looking at Kenya, Tanzania, Nairobi, Nigeria and Ghana.