For the last six years, iOCO, a South African publicly-listed technology infrastructure and managed services company, has been busy cleaning up a mess it didn’t want to be remembered for.
After the 2018 corruption scandal that rocked its former identity as EOH Holdings, the company spent years selling off assets, restructuring debt, fixing its balance sheet, and rebuilding trust with investors.
The return to former glory: When iOCO was EOH, it built its empire by acquiring dozens of companies, including Sybrin, Network Solutions, Dimension Data’s local assets, and various IT providers. That strategy pushed the business to a R20 billion ($1.1 billion) valuation.
The company rebranded to iOCO in 2024, and since then, the focus has been on stability. Now that phase appears to be ending with its return to old habits. iOCO wants to run that play again, but with fewer risks.
According to local publication TechCentral, CEO Rhys Summerton told investors on Wednesday that the company had evaluated more than 10 acquisition targets. It is courting smaller startups with equity value between R50 million ($3 million) and R700 million ($41.5 million).
Why now? The numbers finally allow it. iOCO is generating stronger cash flows again and has a cleaner balance sheet, based on its interim results for the six months ending January 2026. Revenue rose by 3.8%, and its profitability also increased. iOCO believes that the market is fragmented enough to support consolidation, leaving it as one of the few players positioned to do it.
