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Vodacom South Africa to Secure 51% Stake in IoT.nxt

Tech Gist Africa by Tech Gist Africa
05/14/2019
in Africa, Africa News, Business, News
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Vodacom South Africa

Photo Credit - techcentral.co.za

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IoT.nxt was founded in 2015 by Nico Steyn. In 2018, they raised R100 million from Talent10 Holding for international expansion to the Netherlands and the United States. They recently sold 51% stakes to Vodacom.

"A strategic agreement that enables us to reach many more markets around the globe. Our brand remains unchanged and we will continue to do business with anyone." – @iotnic https://t.co/xdmcjLUgDh #IoT #IIoT #IoTLeader @Vodacom pic.twitter.com/vq9RS0RHKJ

— IoT.nxt (@iot_nxt) May 14, 2019

The company simply creates a digital platform to connect businesses with things. The platform integrates information technology with sensors and improves business processes by providing a data flow system for organizations.


See also: Caselines Brings Digital Judicial Evidence Management Software to South Africa


Vodacom is known for seeking strategic acquisition opportunities to drive investments.  In 2000, they acquired a 40% stake in Safaricom which has proven profitable over the years. The acquisition of IoT.nxt stake is a move to boost their IoT business units to operate full IoT value chain across a number of outfits.

Shameel Joosub, CEO of Vodacom said that the investment will allow them effectively distribute the information obtained from sensors and to scale their IoT businesses.

Talent10 is still a major shareholder in IoT.ntx. Vodacom has appointed William Mzimba, the Business Chief Officer to lead IoT.nxt’s management team.

 

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