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Convergence Partners fund aims for digital inclusion in Africa
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Convergence Partners raises US$120m in latest fund to drive digital
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Convergence launches third infrastructure fund, targeting $250-million
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Andile Ngcaba
Convergence Partners, the investment vehicle created by businessman Andile Ngcaba, has acquired Ctrack’s operations in Africa and the Middle East from Nasdaq-listed Inseego.
The investment the value of which has not been disclosed is the maiden investment for Convergence Partners’ third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF).
The deal, which must still be approved by the Competition Commission in South Africa, gives Convergence Partners access to a telematics software-as-a-service digital infrastructure platform providing fleet management, insurance and weather telematic solutions and asset tracking solutions.
“The business’s Internet of things (IoT) and data analytics capabilities are key components of an emerging sector in Africa and are good fit with CPDIF’s strategy of identifying high-growth market players that build digital infrastructure on the continent,” Convergence Partners said in a statement.
Convergence Acquires Ctrack Operations
Convergence Partners, a tech investor in Africa, has entered into an agreement with
Inseego Corp. to acquire 100% of
Ctrack operations in Africa and the Middle East. This is the first investment for its third fund,
Convergence Partners Digital Infrastructure Fund.
Ctrack is a telematics software-as-a-service digital infrastructure platform providing fleet management, insurance and weather telematic solutions and asset tracking solutions to its subscribers in Africa and the Middle East. The business’ IOT and data analytics capabilities
are a component of an emerging sector in Africa. Convergence expects it to be a good fit with its strategy of identifying high growth market players that build digital infrastructure.