Cassava Technologies, parent company of Liquid, obtains US$310 million in financing and undergoes restructuring.

Cassava Technologies Secures $90 Million Equity Investment

Cassava Technologies, a global technology leader of African heritage, has secured a significant investment of $90 million. The U.S. International Development Finance Corporation (DFC), Finnfund, and Google LLC are among the investors participating in this round.

With this investment, Cassava aims to strengthen its balance sheet and drive sustainable profitable growth. The funds will also position the company for future growth through strategic initiatives such as equity investment, debt refinancing, and legal reorganization.

The reorganization has culminated in the creation of an integrated digital solutions platform. This platform, which delivers broadband, data centers, cloud, AI, cybersecurity, and payment services, spans over 30 markets across Africa, the Middle East, India, and Latin America.

Cassava's impressive roster of shareholders now includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital, in addition to the new investors.

The company has built a strong portfolio of business units, including Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech. Each of these units is a leader in its respective sector.

Liquid Intelligent Technologies, a business of Cassava Technologies, has successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis. The new facilities, equivalent to USD 220 million in South African Rands, are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).

This debt refinancing scheme aims to help with a credit downgrade that was previously responsible for Liquid's financial trouble. The successful refinancing is a testament to Cassava's resilience and commitment to overcoming challenges.

Hardy Pemhiwa, President and Group CEO of Cassava, stated that these achievements strengthen the financial position of the company and are a significant milestone towards the further expansion of its digital infrastructure and services. This integrated platform of business units enables the Group to fulfill its vision of a digitally connected future that leaves no African behind.

The conclusion of this equity round and the successful reorganization position Cassava for robust growth underpinned by a strong balance sheet. As a global technology company with a focus on African markets, Cassava Technologies continues to make strides in driving digital transformation across the continent.

Cassava Technologies, parent company of Liquid, obtains US$310 million in financing and undergoes restructuring.