Cassava Applied sciences (Cassava) (www.CassavaTechnologies.com), a world expertise chief of African heritage, proudly declares three important milestones: a considerable fairness injection, the profitable completion of its South African Rand (ZAR) debt refinancing, and the finalization of its authorized reorganization. These strategic initiatives place Cassava for strong development underpinned by a powerful stability sheet.
Cassava has closed an fairness funding spherical of $90 million with participation from U.S. Worldwide Growth Finance Company (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding is a key a part of Cassava’s plan to strengthen its stability sheet, drive sustainable worthwhile development, and cement its place as a world expertise firm of African heritage.
The conclusion of this fairness spherical coincides with the profitable reorganization of Cassava’s enterprise to create an built-in digital options platform. This platform supplies Broadband Connectivity, Co-location (information centres), Cloud, Cybersecurity, Compute (AI), and Fee providers throughout greater than 30 markets in Africa, the Center East, India, and Latin America.
Moreover, Liquid Clever Applied sciences, a enterprise of Cassava Applied sciences, has efficiently signed new services to refinance its South African Rand time period mortgage on a multi-tenor foundation. The brand new services, equal to USD 220 million in South African Rands, are being offered by Commonplace Financial institution of South Africa, Rand Service provider Financial institution, Nedbank of South Africa, and Worldwide Finance Company (IFC).
“We’re excited to announce these important achievements, which collectively strengthen our monetary place and are a robust testomony to the imaginative and prescient of our founder and Group Chairman, Attempt Masiyiwa, and the dedication and dedication of our groups throughout the Group,” stated Hardy Pemhiwa, President and Group CEO of Cassava. “The closing of this fairness spherical, completion of our ZAR debt refinancing, and reorganization signify extra than simply capital – it’s a pivotal milestone that we anticipate to unlock immense worth and catalyze the additional growth of our digital infrastructure and providers to bridge the digital divide on the continent”.
With the addition of DFC, Google LLC, and Finnfund, Cassava’s spectacular roster of shareholders consists of Econet Group, British Worldwide Funding (BII), Public Funding Company (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Financial institution (Afreximbank/FEDA), and Gateway Capital.
Cassava Applied sciences has constructed a powerful portfolio of enterprise items comprising Liquid Clever Applied sciences, Africa Knowledge Centres, Liquid C2, Cassava.ai, and Sasai Fintech, all of that are leaders of their respective sectors. This built-in platform of enterprise items allows the Group to meet its imaginative and prescient of a digitally related future that leaves no African behind.
Distributed by APO Group on behalf of Cassava Applied sciences.
About Cassava Applied sciences:
Cassava Applied sciences is a world expertise chief of African heritage offering a vertically built-in ecosystem of digital providers and infrastructure enabling digital transformation. Headquartered within the UK, Cassava has a presence throughout Africa, the Center East, Latin America, and the US of America. By its enterprise items, specifically, Cassava AI, Liquid Clever Applied sciences, Liquid C2, Africa Knowledge Centres, and Sasai Fintech, the corporate supplies its clients’ services in 94 nations. These options drive the corporate’s ambition of creating itself as a number one international expertise firm of African heritage.