From Ayo to zero

A massive cash investment from the PIC and links to Iqbal Survé, Ayo Technology Solutions isn’t without its fair share of controversy. But, just what is happening with its finances?

11 October 2019

The forecasts published by Ayo Technology Solutions ahead of its 2017 JSE listing make for fantastical reading. By now, investors were told, annual revenue would be nearly R8 billion. Actual revenue in the year prior to listing was just R478 million.

R8 billion is a very large number. Fast forward, and instead, revenue for the first six months of 2019 was a far more realistic R675 million. While this level of growth is impressive enough, nearly a full third of this came from the group’s acquisition of 55% of Sizwe Africa IT in December 2018.

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