Investment management firm Convergence Partners has invested in customer experience software company inQuba.
Convergence Partners, founded in 2006 by businessman Andile Ngcaba, is an investment management firm focused on the technology, media and telecommunications sector in Africa.
Although the firm did not disclose how much it is pumping into inQuba, the equity injection is aimed at accelerating the customer experience software provider's global expansion.
The inQuba investment will be housed in Convergence Partners Fund I (CPI), the vehicle through which Convergence Partners invests in software businesses among other sectors of the African ICT market.
Under the deal, CPI will hold a significant minority interest in inQuba post-transaction.
Last year, Convergence Partners announced it had closed its CPI fund which then had capital of over $200 million. Capital commitments came from institutions such as the Public Investment Corporation.
Other investors in the fund include Convergence Partners, the International Finance Corporation, European Investment Bank, Dutch Development Bank, Development Bank of Southern Africa, and the CDC Group.
inQuba enables its clients to create customer experience through its proprietary software platform. The event-driven platform collects and analyses structured and unstructured data in real-time, allowing organisations to more effectively engage with customers.
"With customer experience being the latest competitive differentiator, we have seen companies globally investing heavily in customer experience in a race to offer a highly differentiated customer experience," says Michael Renzon, CEO of inQuba.
"Customer experience, as an industry, is set to grow substantially over the next few years. In light of this, and the international success of our disruptive customer experience platform, inQuba will leverage the investment from Convergence Partners to further expand our presence and enhance our product offering to clients all over the world, with scaling in the US being a top priority," he adds.
"This is an exciting investment opportunity for us as inQuba aligns with many of the key themes that CPI targets, including software-as-service businesses, tailored technology solutions for specific industry verticals and local IP that is globally exportable. We are looking forward to actively contributing to this growth phase of the company," says Idan Segal, chief investor officer and founding partner at Convergence Partners.
Share