Broad-based Black Economic Empowerment
In accordance with the Broad-based Black Economic Empowerment Act of 2013 and the Codes of Good Practice that came into force with effect from 1 May 2015, Synertech (Pty) Ltd is a Level 6 contributor with a procurement recognition level of 60% as a value-add supplier.
Synertech’s unqualified commitment to transformation and black economic empowerment is strongly focused on enterprise development and support for black entrepreneurship through skills development programs and skills transfer based on the company’s pre-imminent position as South Africa’s leading RFID solutions provider.
Based on its industry leadership position and strong brand as one of the country’s most trusted suppliers of RFID solutions, Synertech has formed a strategic business relationship with a black-owned start-up company.
In a carefully-conceived business strategy that was developed in close association with the black owners of the new start-up company and in direct support of their business objectives and growth aspirations, Synertech has agreed to incorporate its highly-respected name and brand reputation into the name of this exciting new venture.
Synertech Innovations (Pty) Ltd, the registered name of the new 51% black-owned legal entity, is totally and fully-aligned with the Government’s imperative to prioritize entrepreneurship and promote the advancement of Small, Medium and Micro-sized Enterprises (SMMEs) as a catalyst for achieving economic growth and development.
Based on a legally-binding commercial agreement and backed by Synertech’s commitment to provide the new company with unrestricted access to its full range of products, solutions and services, Synertech Innovations is fully licensed and strongly positioned to market, promote and deliver RFID solutions into the public sector and other niche markets throughout the South African economy.
The agreement commits Synertech to supporting Synertech Innovations in striving to create jobs and foster new entrepreneurial business opportunities within local communities, including rural areas, throughout South Africa.
This initiative is based on a requirement for Synertech Innovations to roll-out and commission specific RFID projects at outlying or remote facilities in its key target markets and prospective customer base, such as Police Stations and other representative branches operated and maintained by local, regional and government departments and state-owned enterprises.
In delivering solutions to these areas, Synertech Innovations incorporates and uses the services of locally-based SMMEs and entrepreneurial individuals to guarantee customer satisfaction in line with operational requirements and quality expectations.
Synertech Innovations therefore by far exceeds the bid requirement of garnering at least 25% of the bid price as well as being able to engage and allocate deliverable projects to other SMMEs in the supply chain.