Sofcom Limited Wednesday announced the acquisition of a 51 per cent stake in IT group 'miiy'. The company has entered a conditional agreement for the purchase, and its board is currently undergoing due diligence. Sofcom expects to conclude the purchase shortly. 'miiy' is a new age company involved in the development of varying innovative, pioneering business systems. The company also develops business systems that improve on existing processes.
The IT group plans to launch the innovative systems domestically, with gradual expansion into international markets, planned for the near future. Last year, Sofcom also attempted to acquire film and television production company Whip Cracking Productions. 'miiy' backers have applied for several licenses and have intellectual property and business concepts that will be rolled into a flagship listed company, 'miiy.' The company describes 'miiy' as a unique entity, with a multitude of purposes in a business setting.
According to Sofcom, “miiy” provides a unique and conceptual new generation brand that’s easily recognizable and will be handy in new product and concept marketing as they are made available. The company’s backers have also applied for an application to patent the 'miiy' trademark in several locations, domestically and around the world. Sofcom was last year forced to pull an offer to acquire Bluechiip in a reverse takeover after it became apparent that some conditions required for the offer to go ahead would not be satisfied.