Workforce Holdings Limited (JSE:WKF) agreed to acquire 100% in GetSavvi Health Proprietary Limited from Blackbird Group Proprietary Limited for ZAR 25.6 million on April 19, 2021. Under the terms of agreement Initial Payment of ZAR 13.7 million payable within 7 days of the fulfilment or waiver of the Initial Conditions Precedent, second payment of ZAR 2.9 million payable within 30 days of the date on which the annual financial statements of the Companies for the 12-month period commencing June 1, 2021 are received by Workforce subject to the Companies achieving a warranted profit before tax of no less than ZAR 7.4 million, Third Payment: of ZAR 2.9 million payable within 30 days of the date on which the AFS of the Companies for the 12-month period commencing June 1, 2022 are received by Workforce subject to the Companies achieving a warranted PBT of no less than ZAR 8.1 million and if PBT exceeds ZAR 15.5 million then Workforce will pay additional ZAR 6.1 million. The Acquisition will be funded by the Workforce internal cash resources. For the year ended May 31, 2020 GetSavvi recorded the net assets of ZAR 2.7 million and profit after tax of ZAR 2.6 million. The deal is subject to execution of employment agreement and approval from Workforce Holdings and GetSavvi Health board. Merchantec (Proprietary) Limited acted as financial advisor to Workforce Holdings Limited. Simone Monty Attorneys acted as legal advisor to Workforce Holdings Limited.

Workforce Holdings Limited (JSE:WKF) completed the acquisition of GetSavvi Health Proprietary Limited from Blackbird Group Proprietary Limited on June 1, 2021.