Author: Gugu Lourie

Solvyng is a Johannesburg based provider of information technology (IT) cloud services founded by Thulasizwe Mavuso. the company predominantly services the banking and asset management sectors and has recently focused its efforts and diversified to other sectors such as mining, retail, manufacturing and insurance. Solvyng is an amazon web service (AWS) advanced tier partner. its goal is to ensure that cloud services align with organisational objectives and business strategy, for seamless migration from legacy-to-cloud based systems. “We enable businesses to be more agile and resilient, reaching their bottom line quicker while saving cost and delivering more value to their customers.…

Bayobab, a subsidiary of the JSE-listed MTN Group, says it well on track to spend over $500 million or R10 billion investment in the expansion of its fibre business into an open-access network. CEO Frederic Schepens of Bayobab revealed to TechFinancials the company is in transition to separate MTN Group’s fibre business from the GSM network to unlock value within the business, attract strategic partners and comply with local regulation across our key markets. Schepens highlighted that the company is currently making significant strides in Zambia, where it has rolled out an impressive 4,000 kilometres of fibre. He added that…

Bayobab, a subsidiary of JSE-listed MTN Group, has successfully secured a significant contract to oversee the management, operation, and maintenance of the national fibre infrastructure within the Central African Republic. CEO Frederic Schepens of Bayobab shared with TechFinancials that this contract forms an integral part of the expansion strategy known as Project East2West. The overarching aim of Project East2West is to establish a terrestrial fibre optic cable network that connects the eastern and western regions of Africa. In a recent development in May 2023, Bayobab and Africa50 officially joined forces through a partnership aimed at propelling Project East2West forward. The…

BMW Group South Africa today unveil the newest addition to its leadership team. Effective from July 1, 2023, Thorsten Achenbach assumes the role of Director Digital and Global Solutions at the esteemed BMW IT Hub, situated in Menlyn Maine, Pretoria. This strategic appointment follows in the footsteps of Mr. Klaus von der Osten-Sacken. “I am pleased to welcome Mr Achenbach in his new role at the BMW IT Hub. Mr Achenbach brings a vast portfolio and proven track record of excellence, particularly in the IT field, and we look forward to the continued success of the BMW IT Hub,” said…

Cell C has officially announced the resignation of its Chief Financial Officer, Lerato Pule, who has decided to pursue a new opportunity. In the coming months, Pule will continue to fulfill her responsibilities, ensuring the seamless handling of crucial financial matters during the transition period. Pule has demonstrated exemplary leadership throughout her tenure, notably guiding the successful conclusion of the recapitalization process. Additionally, she has overseen the completion of historical audits spanning three years (2018-2020), with the finalization and sign-off of financial statements. The remaining stages of the 2021 and 2022 historic audits are underway, underscoring her commitment to delivering…

Entersekt, a global frontrunner in cutting-edge transaction authentication solutions for combating financial fraud, proudly announces a robust surge in both revenue and clientele. This remarkable achievement is propelled by its unwavering expansion in the United States and strategic collaborations. Following a strategic investment by Accel-KKR in the fiscal year 2022, Entersekt has witnessed rapid global growth, with a staggering 191% increase in contracted annual recurring revenue, and an impressive surge of nearly 220% in US-based clientele solely within the fiscal year 2023. Schalk Nolte, Entersekt CEO, commends the noteworthy growth amid a challenging global business landscape, attributing it to Entersekt’s…

SA’s medtech startup, VitruvianMD, has secured $1.25 million or R23 million through their Seed Extension II funding round led by 27four’s social impact venture capital (VC) fund, The Nebula Fund. The medtech company has gained significant traction and will use the funding to further accelerate growth by upscaling their team, gaining international regulatory approvals and driving growth into new applications of their technology. VitruvianMD combines biomedical engineering with advanced artificial intelligence (AI) to revolutionise diagnostics accessibility in the medical laboratory sphere. Addressing the acute global challenge of diagnostician shortages, such as in Sub-Saharan Africa where the pathologist-to-population ratio stands at…

Absa announced today that it had 3.5 million digitally active customers in the six months to end-June 2023. The company, which is valued at around R155.9 billion on the JSE, said its digital journey continues to create value across all business lines as the number of digital customers grows in both retail and corporate banking. “Our commitment to quality user experience and continuous enhancement of our digital propositions is evidenced by the increase in continuous engagement on our digital platforms,” Absa told investors on Monday. The banking group said this had resulted in the digital channel’s share of revenue in…

Founders Factory Africa has secured an additional $114 million or R2.17 billion in funding to scale its model to better serve founders across the African tech ecosystem.  The additional support from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, follows on from previous investments into Founders Factory Africa by Standard Bank, Small Foundation and Netcare. The support will enable Founders Factory Africa to scale its model and better serve technology-led start-ups and founders across the African continent. “We are excited to have new and dynamic funding, which follows on from…

MTN’s first half adjusted headline earnings per share (HEPS) increased by 25% to 749 cents and adjusted return on equity (ROE) expanded by one percentage point to 24.4%. The acompany attributed HEPS – South Africa’s main profit gauge – rise to solid revenue growth and improved efficiencies, These were in line with our medium-term guidance, said MTN. MTN Group’s service revenue grew 15% to almost R108 billion in constant-currency terms. “This was driven by increases in revenue from data services of 24% and from fintech services of 22%. Revenue from voice services increased 6% in the period,” said MTN. At the…