mbulelo smpofu
Senior Business Writer
CASSAVA Technologies, a leading technology systems integrator in developing markets, has achieved a major milestone with a US$310 million equity injection expected to unlock immense value and support the expansion of digital infrastructure.
The UK-based company, founded by entrepreneur Strive Masiyiwa, has attracted numerous global institutional investors and is a technology leader offering a comprehensive digital service ecosystem and infrastructure that facilitates digital transformation.
One of the drivers behind Cassava’s success has been its focus on achieving three key milestones: securing a substantial equity injection, finalising its legal reorganisation, and successfully completing its South African rand debt refinancing.
These moves are strategic initiatives that will provide the foundation for robust growth, anchored by a solid balance sheet.
Of particular significance is an equity investment round of US$90 million that Cassava recently closed, featuring the participation of the US International Development Finance Corporation (DFC), Finnish Fund for Industrial Co-operation (Finnfund) and Google LLC.
This funding not only further strengthens Cassava’s balance sheet but also supports the company in driving sustainable and profitable growth, cementing its position as a global technology leader.
President and Group CEO of Cassava, Hardy Pemhiwa, said:
“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group.
“The closing of this equity round, the completion of our ZAR debt refinancing, and the reorganisation represent more than just capital. It’s a pivotal milestone that we expect will unlock immense value and catalyse the further expansion of our digital infrastructure and services to bridge the digital divide on the continent.”
Cassava added that the conclusion of the equity round coincides with the successful re-organisation of its business to create an integrated digital solutions platform.
The platform provides broadband connectivity, co-location (data centres), cloud services, cybersecurity, compute (AI), and payment services across more than 30 markets in Africa, the Middle East, India,and Latin America.
Additionally, Liquid Intelligent Technologies, a business under Cassava Technologies, has successfully signed new facilities to refinance its South African rand term loan on a multi-tenor basis.
The new facilities, equivalent to US$220 million in South African rand, are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa and the International Finance Corporation (IFC).
With the addition of DFC, Google LLC, and Finnfund, Cassava’s impressive roster of shareholders includes the Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa Export-Import Bank (Afreximbank/FEDA), and Gateway Capital.
Cassava Technologies has built a strong portfolio of business units, including Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava AI, and Sasai Fintech, all of which are leaders in their respective sectors.
This integrated platform of business units enables the Group to fulfil its vision of a connected future that leaves no African behind.
