Edson Baraukwa | Africa Guardian
Cassava Technologies, a global leader in digital infrastructure and services, has announced securing $310 million in funding, marking a transformative phase for the company. This includes a $90 million equity investment from key players such as the US International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC.
In addition to this significant equity injection, Cassava has achieved two major milestones: the restructuring of its South African Rand (ZAR) debt and the successful completion of its corporate reorganisation. These steps have fortified Cassava’s financial position, paving the way for accelerated growth supported by a solid balance sheet.
Cassava highlighted that its operational reorganisation has enabled the development of an integrated digital solutions platform. This platform spans over 30 markets across Africa, the Middle East, India, and Latin America, offering a diverse range of services, including broadband connectivity, co-location (data centres), cloud solutions, cybersecurity, artificial intelligence, and digital payment services.
As part of this restructuring, Liquid Intelligent Technologies, a subsidiary of Cassava, has secured $220 million in ZAR-denominated facilities to refinance its term loans. These funds were provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank, and the International Finance Corporation, extending the loan over multiple tenors.
Hardy Pemhiwa, President and Group CEO of Cassava Technologies, described these developments as pivotal. “The closing of this equity round, the completion of our ZAR debt refinancing, and our reorganisation represent more than just financial progress. They signify a major milestone that will unlock immense value and drive the expansion of our digital infrastructure and services to bridge the digital divide across the continent,” he said.
Cassava’s shareholders include notable entities such as Econet Group, British International Investment, Public Investment Corporation, Royal Bafokeng Holdings, Africa Export-Import Bank (Afreximbank/FEDA), and Gateway Capital, alongside DFC, Google, and Finnfund.
The company’s business portfolio encompasses Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech. Together, these units form an integrated platform designed to fulfill Cassava’s vision of a digitally connected future, ensuring no African is left behind.
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