Tech giant Samsung has reported its lowest quarterly profit in eight years this week an indicator to the weakened global economy to hit PC…
One Thousand & One Voices (1K1V), a private equity fund, in partnership with diversified FinTech investment holding company Crossfin Technology Holdings (Crossfin) and investor Isaac Mophatlane, have acquired Sybrin Group of Companies (Sybrin) for R410-million.
The acquisition will enable Sybrin to expand globally into fintech and regtech markets
The transactions means that Sybrin will be carved out from publicly traded EOH, one of Africa’s largest technology service providers.
Sybrin is a leading software solution provider helping predominantly financial services providers digitally transform and automate their business processes.
The company also integrates its software solutions into the core banking systems of middle-market and large banks, with current clients including Citibank, Nedbank, and Old Mutual. Sybrin has a footprint across 17 countries in Africa, the Middle East, the United Kingdom, and Eastern Europe.
Dean Sparrow, CEO, and co-founder of Crossfin comments on the acquisition.
“We are excited to be partnering with 1K1V, together with Isaac, a stalwart in the African ICT sector, in investing in Sybrin and working collaboratively with Sybrin’s management team. Sybrin has become a leading enterprise software solutions provider and its focus on FinTech and RegTech, underpinned by rapid enterprise application development and delivery, makes it extremely complementary with other companies in the Crossfin portfolio. We are confident in the growth opportunity of a technology-led financial services sector globally and see considerable cross-selling opportunities within Sybrin’s customer base and across the diverse African countries in which it already has an existing presence.”
Featured image: Cytonn Photography via Unsplash