Intel Capital invests in African mobile firm

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
Intel Capital invests in African mobile firm

Adlevo Capital Managers, a private equity fund manager focused on investments into technology-enabled businesses in sub-Saharan Africa, and Intel Capital, Intel’s global investment and mergers and acquisition organisation, today announced that they have completed an expansion investment into Rancard Solutions Limited (“Rancard”), a leading provider of cloud based software for mobile content discovery and delivery, focused on Africa.

Commenting on the investment, Kofi Dadzie, CEO of Rancard, said: “Today’s investment will play a vital role in enabling us to expand our footprint across Africa on both a reputational and operational level. We’re delighted that both Adlevo Capital and Intel Capital have agreed to come on board at a time of such opportunity and are excited about working with such experienced and globally recognized partners.”

Since launching in 2001, Rancard has established itself as a trusted provider of cloud-based mobile software and services which Africa’s mobile operators are increasingly turning to. As voice-based average revenue per user declines, mobile operators are increasingly using Rancard’s content discovery platform to profitably increase data revenues by delivering targeted content to their subscribers.

The company has developed a cloud-based social recommendations engine called ‘Rendezvous’, which maps connections among mobile users and then uses this mapping of shared interests as a basis for recommending content to consumers.

Yemi Lalude, Managing Partner of Adlevo Capital said: “Rancard is a perfect example of African entrepreneurs bringing world-class technology solutions to market. The company is uniquely positioned to bridge the gap between content owners and mobile operators and is poised to benefit from the growth in mobile data services. Our lead investment in Rancard will leverage Adlevo Capital’s industryexpertise gained from backing successful mobile value-added service companies in other geographies.”

Arvind Sodhani, President of Intel Capital and Intel Executive Vice President, noted: “Africa is a market with attractive macro-economic trends which we believe will unearth great business opportunities for us. With technological developments playing a key role in the region’s economic growth, we are seeking out Africa’s leading technology companies and great entrepreneurs as part of our mission to foster technology innovation globally.”

Christian Morales, General Manager, Europe, Middle East, Africa of Intel Corporation said: “As a business Rancard provides a wide range of services that are well placed to meet consumers’ rapidly shifting demands, particularly as the market for cloud based mobile content grows. It’s a company that has a promising future and one we feel could benefit not just from access to our capital, but also from our global network and technological expertise.”

The deal marks Intel Capital’s first investment in West Africa. Intel Capital is represented in the region by Sam Mensah, who is Investment Director for sub-Saharan Africa. This latest investment builds upon Intel Capital’s long track record of supporting the growth of companies which deliver innovative technology solutions. 



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

eTranzact invests $350k in Nigerian mobile money activation project

eTranzact has made an investment of US$350,000 into a mobile money activation project in northern and southwestern Nigeria in collaboration with financial sector development organisation EFInA. Read More

Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.  Read More

Airtel Uganda money transfer voted best digital financial service

Airtel Uganda was voted the Best Digital Financial Service of the year at the Digital Impact Awards Africa held at the Sheraton Kampala Hotel.  Read More

DRC civil servants hail mobile banking, ICTs

Civil servants in the Democratic Republic of Congo (DRC) have described mobile banking as the ‘biggest miracle’ of the 21st century. Read More

Streamed services to push digital music sales to $14bn by 2019

A new report from Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, from $12.3bn this year to $13.9bn in 2019.  Read More

Airtel, Tigo launch cross-network money transfer service in Tanzania

Bharti Airtel has announced the introduction of a service that will allow customers send and receive between Airtel’s mobile money service and that of Tigo in Tanzania. Read More

Airtel, VeriFone Mobile Money speed up merchant enablement

Bharti Airtel and VeriFone Mobile Money have reached an agreement to offer VeriFone Mobile Money’s merchant enablement applications for mobile Tap n Pay across Airtel’s 17 operating countries in Africa.  Read More

Safaricom cuts fees on low and medium value M-PESA transfers

Safaricom has announced a targeted reduction of transaction fees levied by the operator on its most popular person to person M-PESA transaction bands.   Read More

Stakeholders meet over Ghana mobile money

Stakeholders from Ghana’s financial and telecoms industry have held talks at an MTN Stakeholders Forum in Accra to discuss the way forward in the quest to make Ghana a cashless society. Read More

Village saving associations get mobile money product

Airtel Uganda, Grameen Foundation and Plan Uganda have introduced a new Group Savings product for Village Savings and Loan Associations. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Safaricom-Equity battle for mobile banking hots up Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit. 

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya rolls out e-extension to improve agriculture

In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.