Private Equity investors Convergence Partners and Stockdale Street have joined forces to acquire e4, a South African technology company that sells its services to the financial services, legal and retail clients. Terms of the deal were not disclosed. Headquartered in Johannesburg, e4, which is a Software-as-a-Service company, has an international footprint in Africa, Europe, the USA and Australia. The investment will help the company push growth through a combination of new product and service development initiatives as well as acquiring additional clients in other geographies.
“The investment in e4 is in our sweet spot, operating at the junction of the rapidly changing global technology environment in identity management and secure electronic document, data, payment processing and the emerging fintech space,” commented Convergence Partners’ CEO, Brandon Doyle. “The transaction also aligns well with our preferred model of investing in high quality companies with energetic management and a proven track record of innovation.”
Stockdale Street represents the Oppenheimer family interests’ South African private equity portfolio, while Convergence’s investment is being made through the firm’s $200 million Communications Infrastructure Fund, which held its final close in August last year. The fund has already made a number of investments—Comsol Wireless Solutions, a wireless network deployment company, FibreCo, a South African long-haul network, Synergy Communications, a platform company which holds two leading corporate ISPs, Skyband in Malawi and IS Mozambique and, most recently, Venture Gardens Nigeria, an investment holding company that incubates, invests in and operates financial technology companies.