Cassava Technologies Secures $310 Million to Drive Innovation and Expand Digital Reach Across Continents

Cassava Technologies, a trailblazer in the African tech landscape, is making significant strides with the recent acquisition of $310 million through a blend of equity and debt financing. This impressive feat is complemented by a comprehensive business reorganization aimed at strengthening the company's digital infrastructure and expanding its global footprint.

The equity portion of the funding, totaling $90 million, was secured from esteemed investors including the U.S. International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and tech behemoth Google LLC. "This investment is not just a financial boost; it's a vote of confidence in our vision to create a digitally inclusive world," remarked Hardy Pemhiwa, President and Group CEO of Cassava Technologies. The influx of capital is poised to enhance Cassava's ability to innovate and drive sustainable growth, reinforcing its position as a leading technology company with deep African roots.

On the debt front, Cassava's subsidiary, Liquid Intelligent Technologies, successfully refinanced a $220 million South African Rand term loan. This refinancing was facilitated by major financial institutions such as Standard Bank of South Africa, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC). "Refinancing our debt under more favorable terms provides us with the financial flexibility needed to pursue our ambitious expansion plans," Pemhiwa added.

The company's strategic reorganization has led to the creation of an integrated digital solutions platform, combining various business units under one cohesive umbrella. This platform now offers a wide range of services including broadband connectivity, data center co-location, cloud services, cybersecurity, AI computing, and payment solutions. With these enhanced capabilities, Cassava Technologies is better equipped to serve a diverse clientele across more than 30 markets in Africa, the Middle East, India, and Latin America.

"We are committed to bridging the digital divide and ensuring that no region is left behind in the digital revolution," said Pemhiwa. "Our reorganization allows us to streamline our operations and deliver comprehensive solutions that meet the unique needs of our clients."

The diverse group of shareholders now includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa Export-Import Bank (Afreximbank/FEDA), and Gateway Capital, alongside new investors like DFC, Google LLC, and Finnfund. This broad shareholder base not only underscores the confidence in Cassava's strategic direction but also brings a wealth of experience and resources to support the company's growth.

Cassava Technologies boasts a robust portfolio of business units such as Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech. Each unit excels in its respective sector, contributing to the group's overarching mission of fostering a digitally connected future. "Our integrated approach enables us to leverage our strengths across different domains, ensuring that we provide top-notch services to our clients and drive digital transformation in every region we operate," Pemhiwa concluded.