Cassava Technologies Secures USD 310 Million in Funding and Completes Business Reorganization
Cassava Technology (Cassava) (www.CassavaTechnologies.com), a global technology leader with an African heritage, is proud to announce three important milestones: a substantial equity injection, the successful completion of a debt refinancing in South African Rand (ZAR) and the completion of a legal restructuring. These strategic moves position Cassava for strong growth, supported by a strong balance sheet.
Cassava has closed a $90 million equity investment round with participation from the U.S. International Development Finance Corporation (DFC), Finnish Industrial Cooperation Fund (Finnfund) and Google LLC. The funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth and solidify its position as an African legacy global technology company.
The closing of this equity round coincides with the successful restructuring of Cassava’s business to create a comprehensive digital solutions platform. The platform provides broadband connectivity, colocation (data centers), cloud, cybersecurity, computing (AI) and payments services in more than 30 markets across Africa, the Middle East, India and Latin America.
In addition, Liquid Intelligence Technologies, a business of Cassava Technologies, has successfully signed a new financing agreement to refinance its South African Rand multi-term term loan. The new loan, equivalent to US$220 million in South African rand, was provided by Standard Bank South Africa, Rand Merchant Bank, Nedbank South Africa and the International Finance Corporation (IFC).
“We are delighted to announce these significant achievements which together strengthen our financial position and are a strong testament to the vision of our founder and group chairman Strive Masiyiwa and the dedication and commitment of the entire group team,” said Hardy Pemhiwa, Cassava. President and Group Chief Executive Officer. “The closing of this equity round, the refinancing of South African rand debt and the completion of the restructuring represents more than just capital – it is a key milestone as we look to unlock significant value and facilitate further growth of our digital infrastructure and services Expansion to bridge the digital divide in the mainland”.
With DFC, Google LLC and Finnfund joining, Cassava’s impressive shareholder list includes Econet Group, British International Investment Corporation (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), African Export-Import Bank ( Afreximbank/) FEDA) and Gateway Capital.
Cassava Technologies has built a strong portfolio of business units including Liquid Intelligence Technologies, Africa Data Centers, Liquid C2, cassava.aiSasai Fintech, they are all leaders in their respective fields. This business unit’s integrated platform enables the Group to realize its vision of a digitally connected future where Africans are not left behind.
Distributed by APO Group on behalf of Cassava Technologies.
About cassava technology:
Cassava Technologies is a global technology leader with an African heritage, providing a vertically integrated ecosystem of digital services and infrastructure to enable digital transformation. Cassava is headquartered in the UK and operates across Africa, the Middle East, Latin America and the United States. The company provides products and services to customers in 94 countries through its business units Cassava AI, Liquid Intelligence Technologies, Liquid C2, Africa Data Centers and Sasai Fintech. These solutions drive the company’s ambition to establish itself as a leading global technology company with an African heritage.
