Rancard Solutions Limited said it raised growth capital from Adlevo Capital Managers and Intel Capital. No terms were disclosed. The investment in mobile software developer Rancard is Intel’s first in Ghana and second in Africa, following the 2011 investment in Altech of South Africa. Intel Capital now has investments in 52 countries. Adlevo is a private equity fund manager focused on investments into technology businesses in sub-Saharan Africa.
Adlevo capital and intel capital make growth capital investment in Rancard
• Co-investment in leading African provider of mobile content discovery software and services
• Transaction will accelerate Rancard’s strong growth and expansion across Africa
ACCRA, GHANA, June 26, 2012 – Adlevo Capital Managers, LLC (“Adlevo Capital”), a private equity fund manager focused on investments into technology-enabled businesses in sub-Saharan Africa, and Intel Capital, Intel’s global investment and M&A organization, today announced the completion of an investment in Rancard Solutions Limited (“Rancard”), a leading provider of cloud based software for mobile content discovery and delivery, focused on Africa.
Commenting on the investment, Kofi Dadzie, CEO of Rancard, said: “Today’s investment will play a vital role in enabling us to expand our footprint across Africa on both a reputational and operational level. We’re delighted that both Adlevo Capital and Intel Capital have agreed to come onboard at a time of such opportunity and are excited about working with such experienced and globally recognized investors.”
Since launching in 2001, Rancard has established itself as a trusted provider of cloud-based mobile software and services which Africa’s mobile operators are increasingly turning to. As voice-based average revenue per user declines, mobile operators are increasingly using Rancard’s content discovery platform to profitably increase data revenues by delivering targeted content to their subscribers.
The company has developed a cloud-based social recommendations engine called ‘Rendezvous’, which maps connections among mobile users and then uses this mapping of shared interests as a basis for recommending content to consumers.
Yemi Lalude, Managing Partner of Adlevo Capital said: “Rancard is a perfect example of African entrepreneurs bringing world-class technology solutions to market. The company is uniquely positioned to bridge the gap between content owners and mobile operators and is poised to benefit from the growth in mobile data services. Our lead investment in Rancard will leverage Adlevo Capital’s industry expertise gained from backing successful mobile value-added service companies in other geographies.”
Commenting, Arvind Sodhani, President of Intel Capital and Intel Executive Vice President said: “Improvements in broadband infrastructure across SubSaharan Africa has created the need for the development of a local content ecosystem between telcos, content and service providers to deliver engaging user experiences on mobile devices. As a global investor, Intel Capital has invested in and built similar ecosystems in emerging nations all over the world. That experience and network will help Rancard as it expands into its next phase of growth throughout the African continent.”
Christian Morales, General Manager, Europe, Middle East, Africa of Intel Corporation said: “As a business Rancard provides a wide range of services that are well placed to meet consumers’ rapidly shifting demands, particularly as the market for cloud based mobile content grows. These services have a great potential of growth , and one we feel could benefit not just from access to our capital, but also from our global network and technological expertise.”
The deal marks Intel Capital’s first investment in West Africa and is the 52nd country Intel Capital has invested in globally. Intel Capital is represented in the region by Sam Mensah, Investment Director for sub-Saharan Africa. This latest investment builds upon Intel Capital’s long track record of supporting the growth of companies which deliver innovative technology solutions.
Rancard Solutions Limited is a software company, focused on delivering the world’s leading brands to relevant mobile audiences across Africa. The company was founded in 2001 by Kofi Dadzie and Ehizogie Binitie. Rancard’s platform, rancardmobility.com launched in 2007, is a highly reliable and scalable multi-channel, cloud delivery platform. The rancardmobility.com cloud processes millions of mobile transactions across several networks bridging the gap between mobile subscribers and the content and services they desire from numerous leading brands. For more information, visit www.rancard.com.
About Adlevo Capital
Adlevo Capital is the first private equity firm focused on investments into technology-enabled companies across multiple African countries. The firm was founded by seasoned professionals to capitalize on growing investment opportunities in the technology-enabled service segments of multiple industry sectors in sub-Saharan Africa. The Adlevo Capital team’s operating experience, technology expertise and extensive network of relationships enable it to add significant value to portfolio companies from its local offices in Lagos and Johannesburg. Its portfolio includes InterSwitch Limited, the leading provider of electronic payment processing services in West Africa. For more information, visit www.adlevocapital.com.
About Intel Capital
Intel Capital, Intel’s global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, health, consumer Internet, digital media, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$10.5 billion in over 1,218 companies in 51 countries. In that timeframe, 196 portfolio companies have gone public on various exchanges around the world and 291 were acquired or participated in a merger. In 2011, Intel Capital invested US$526 million in 158 investments with approximately 51 percent of funds invested outside the U.S. and Canada. For more information, visit www.intelcapital.com.