Cassava Technologies, the parent company of Africa Data Centres has raised $310 million in funding. This was disclosed by the company in a statement seen by Technext. According to the statement, the company has achieved three significant milestones. They include a substantial equity injection of $90 million, the successful completion of its debt refinancing round to the tune of $220 million, and the finalization of its legal reorganization.
The equity investment round of $90 million saw participation from the U.S. International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. The company said the funding is a key part of its plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage.
The $220 million debt funding was attracted by Liquid Intelligent Technologies, one of Cassava Technologies’ subsidiaries. Per the deal, the subsidiary successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis. The new facilities, to be made available in South African Rands, will be provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).
The company said these strategic initiatives position it for robust growth underpinned by a strong balance sheet.
Cassava also said the conclusion of this equity round coincides with the successful reorganization of its business to create an integrated digital solutions platform. This platform provides Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services across more than 30 markets in Africa, the Middle East, India, and Latin America.
Speaking about these milestones, the President and Group CEO of Cassava, Hardy Pemhiwa, said they collectively strengthen the company’s financial position and have the capacity to unlock immense value for the company.
“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, completion of our ZAR debt refinancing, and reorganization represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent,” he said.
Cassava Technologies’ drive towards digital inclusion
Cassava Technologies prides itself as a global technology leader “of African heritage.” The company says it is providing a vertically integrated ecosystem of digital services and infrastructure enabling digital transformation across the globe. Headquartered in the UK, the company has a presence across Africa, the Middle East, Latin America, and the United States of America.
The company boasts several business units and subsidiaries like its artificial intelligence arm, Cassava AI; a telecommunications company, Liquid Intelligent Technologies; Liquid C2; Africa Data Centres; and its financial technology arm, Sasai Fintech. These subsidiaries have emerged as leaders in their respective sectors.
Through these subsidiaries, the company says it is providing its customers’ products and services in 94 countries. The integrated platform of business units also enables the Group to fulfil its vision of a digitally connected future that leaves no African behind. Thus, these solutions drive the company’s ambition of establishing itself as a leading global technology company of African heritage.
Cassava also prides itself in its impressive roster of shareholders. They include the Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital. This lineup has been made even more impressive with the addition of DFC, Google LLC, and Finnfund,
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