On Monday, the government of South Africa agreed to an amended ministerial handbook which cuts unnecessary expenditure by those in cabinet and other public…
Cape Town based authentication and mobile-security solutions company, Entersekt announced today that it has concluded a multi-million dollar deal with Rand Merchant Investment Holdings (RMI) and Nedbank Private Equity (NPE).
RMI and NPE, through their various startup accelerators and investment hubs such as RMI’s AlphaCode and NPE’s BoE Private Equity Investments, acquired minority shares of an undisclosed amount in Entersekt.
“We are immensely honoured that investors of such a high calibre have endorsed our long-term vision in this way,” said Schalk Nolte, Entersekt’s CEO in a press release to Ventureburn.
The injection of capital will be used to further expand Entersekt’s reach into other markets as well as further its own research and development.
According to RMI and NPE “all regulatory approvals have been obtained, including the Competition Commission of South Africa”.
Entersekt has signed resellers agreements in the EU and USA
“We look forward to working together at a board level to unlock the significant potential we see in the global market. We can now accelerate beyond our very healthy organic growth and rapidly establish a presence in new territories. We have a solid foothold in Africa, Europe and the United States, but our technology can provide as much value to enterprises in other regions,” said Nolte.
Dominique Collett, RMI senior investment executive and head of AlphaCode commented on the recent development.
“RMI through AlphaCode seeks investments in next generation fintech opportunities. We look for high growth businesses that are ready to scale and are led by strong entrepreneurial management teams. Entersekt met all these criteria. As RMI has experience of scaling companies globally and as providers of growth capital, we believe that this deal will add value to our portfolio of blue chip investments.”
Marthin Greyling, a principal in the Nedbank Private Equity team also weighed in on the investment.
“Entersekt’s proven success in deploying its unique product offering at leading financial institutions as well as their strategic positioning to take advantage of the global growth in mobile application security and transaction authentication, makes Entersekt an appealing investment. We look forward to partnering with AlphaCode and the existing shareholders to support the company’s global growth aspirations.”