Cassava Technologies, a global technology company of African heritage, has achieved three major milestones aimed at bolstering its growth and operational efficiency.
These include securing a $90 million equity investment, successfully refinancing its South African Rand (ZAR) debt, and completing a legal reorganization to streamline its business operations.
The equity investment round saw contributions from the U.S. International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC.
This funding is expected to strengthen Cassava’s balance sheet, accelerate sustainable growth, and solidify its standing as a leading global technology provider.
Concurrently, the company finalized a reorganization to create an integrated digital solutions platform offering services in Broadband Connectivity, Co-location (data centers), Cloud, Cybersecurity, Artificial Intelligence, and Payment solutions. These services span over 30 markets across Africa, the Middle East, India, and Latin America.
In another significant development, Cassava’s subsidiary, Liquid Intelligent Technologies, secured new multi-tenor facilities to refinance its ZAR term loan.
The refinancing, equivalent to $220 million, was facilitated by Standard Bank of South Africa, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC).
Speaking on these achievements, Hardy Pemhiwa, President and Group CEO of Cassava Technologies, remarked, “The closing of this equity round, completion of our ZAR debt refinancing, and reorganization represent more than just capital.
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These pivotal milestones will unlock immense value and catalyze the further expansion of our digital infrastructure and services, bridging the digital divide on the continent.”
The inclusion of DFC, Google LLC, and Finnfund among Cassava’s investors adds to an already robust shareholder base, which includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital.
Cassava’s portfolio comprises industry-leading business units such as Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech. These entities collectively advance the company’s vision of a digitally connected Africa that leaves no one behind.
