Cassava Technologies (Cassava) has announced three significant milestones: a multi-million dollar equity injection, the successful completion of its South African debt refinancing, and the finalisation of its legal reorganisation.
According to a statement, Cassava has closed an equity investment round of $90 million (R1.6 billion) with participation from US International Development Finance Corporation, Finnish Fund for Industrial Cooperation, and Google.
The funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage.
The conclusion of this equity round coincides with the recent reorganisation of Cassava’s business to create an integrated digital solutions platform.
This platform provides broadband connectivity, co-location (data centres), cloud, cyber-security, compute (AI), and payment services across more than 30 markets in Africa, the Middle East, India, and Latin America.
“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,” says Hardy Pemhiwa, president and group CEO of Cassava.
“The closing of this equity round, completion of our ZAR debt refinancing, and reorganisation represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyse the further expansion of our digital infrastructure and services to bridge the digital divide on the continent.”
Additionally, Liquid Intelligent Technologies, a business of Cassava Technologies, has successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis.
The new facilities, equivalent to $220 million (R3.9 billion), are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation.
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