Archive for the ‘News’ Category

Creation Of Crossfin Technology Holdings (Crossfin), an Investment holding entity in the fintech sector, supported by a strategic Investment partnership with the Multiply Group (Pty) Ltd

June 7th, 2017 | Messages, News | 0 Comments

Just over 5 years ago Capital Eye Investments (CEI) was established out of the former JSE listed UCS Group Limited, as an investment holding company with the stated mission of generating superior returns on technology and associated assets, with the clear objective of developing, expanding and realising returns in portfolio assets as and when they mature, achieving true value for the affected parties. It was in the ever evolving technology sector that the UCS Group had operated successfully over many years.

BCX acquired the Technology Services businesses from UCS in 2011, in a mutually beneficial transaction that was a prelude to the establishment of CEI which in 2013 divested from the expanding GAAP business that specialised in restaurant software systems. At the same time CEI invested in several start-ups and established dynamic technology businesses adding them to its expanding portfolio.

In keeping with its strategic intent, Capital Eye Investments is proud to announce the creation of Crossfin, made up of a logical grouping of its fintech assets that include: Alacrity, Innervation, Emerge Mobile (with iKhokha), the wiGroup and Blue Garnet. CEI welcomes the participation of the Multiply Group, as a third-party Investor, acquiring a 35% stake in Crossfin, the CEI fintech asset portfolio.

With its mission of providing “a unique investment platform for like-minded investors to leverage their collective resources for scale investments into Africa and beyond”, Multiply makes an ideal investment partner for CEI. With our mutual commitment to supporting teams with high skills and integrity we will continue to provide secure investment structures generating high returns for investors. With the backing of CEI and the investment by the Multiply Group, Crossfin is well positioned to invest actively in further acquisitions and to support organic growth and enhanced returns in the existing businesses. Crossfin will, moreover, continue to enjoy the benefits of the established CEI executive and business support structures.

With their experience and proven CEI track record, Dean Sparrow as the CEO of Crossfin and Anton Gaylard as its COO are confident that the new entity is perfectly positioned to become a market leader in the fintech space.

Crossfin will expand the Multiply Group vision of accelerating “growth and prosperity on the African continent” with its youthful population actively participating in the millennial generation’s propensity to disrupt established industries and transacting practices by embracing technology in an increasingly digital world. The impact is being felt rapidly in the retail and financial services industries where Crossfin entities currently process more than R55 billion in point of sale transactions and a further R6 billion in mobile transactions every year.

Both CEI and Multiply are enthusiastic in affirming their conviction that “Crossfin is an exciting prospect for any business looking to leverage or complement our existing Fintech ecosystem of partners, agents, merchants, retail till points and client base in Africa and beyond”. They are confident that the existing platform is poised for immediate growth.

AGM results

June 7th, 2017 | Messages, News | 0 Comments

The Annual General Meeting was held at the Company’s offices at 09:00 on 2 June 2017. All resolutions, as detailed in the Notice to the Annual General Meeting under the Investor Relations page, were carried at the meeting.

Fernridge Consulting disposal

June 7th, 2017 | Messages, News | 0 Comments

With effect from 1 March 2017 Capital Eye sold its entire equity interest and claims in Fernridge Consulting (Pty) Limited to Sanari Capital and Sanari Growth Partners (collectively “Sanari”). This was part of the Capital Eye strategy of exiting and liquidating interests in businesses that are deemed non-core. This strategy was refined and approved by the board of Capital Eye in November 2016 to group the logical portfolio assets into their respective independent themes of Fintech and Software and to realise at fair value its non-core assets.

Investec Asset Management Buys Stake in wiGroup

August 12th, 2015 | Messages, News | 0 Comments

Investec Asset Management has acquired a significant shareholding in wiGroup, South Africa’s only interoperable point-of-sale mobile transacting network. The deal will enable Investec Asset Management to partner with wiGroup and Capital Eye Investments (“CEI”) to support wiGroup’s growth and development on a local and international level.

Founded in 2007, and backed by CEI, wiGroup’s proprietary mobile transacting network has grown to over 55,000 point-of-sale lanes, providing services to more than fifty mobile transacting issuers. The mobile transaction platform, wiCode platform, is utilised by multiple industries including five large retail chains, over ten hospitality chains, more than fifty FMCG brands and eight mobile issuers in South Africa alone; with a total in-store mobile transaction value of over R4 billion processed securely to date.  In addition, wiGroup develops innovative technology solutions that enable integrated mobile-based payments, loyalty, coupon, voucher, reward and gift programmes.

Anton Gaylard, Capital Eye Investments Executive: “CEI backed the founding management entrepreneurs from inception, and having reached a level of critical mass locally, we are excited about working with Investec Asset Management’s Private Equity team to expand the business across Africa and other relevant international markets.”

wiGroup’s technology is well-suited to emerging markets in Africa and beyond where mobile-based transacting is poised to leapfrog traditional card-based payment, reward and loyalty solutions. Recently wiGroup established a joint venture with Nigeria’s leading SWITCH and payment processor, expanding the wiGroup technology platform into West Africa.

Bevan Ducasse, wiGroup Founder & CEO: “Our partnership with Investec Asset Management marks an important milestone for wiGroup. The expansion capital will enable wiGroup’s international growth objectives, the enhancement of our current product portfolio and will facilitate R&D and the development of new products. We look forward to working closely with both Investec Asset Management and Capital Eye as we grow the business to the next level.”

The expansion capital is funded via Investec Asset Management’s African private equity capability. The Private Equity strategy focuses on growth capital and buyout investments in established mid-market and larger companies in Africa, with the objective of supporting the creation of local or regional champions in their respective industries.

William Alexander, Private Equity Investment Principal at Investec Asset Management: “Investec Asset Management is delighted to partner with wiGroup’s founder-management.  wiGroup has established itself as the leading mobile transaction technology company in Africa and we are looking forward to supporting the business as it enters its next phase of growth and development.”

Click here for wiGroup’s radio interview on ‘The Money Show’.

Click here to watch Bevan Ducasse on CNBC Africa.