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Investment Focus
The focus of the existing fund is broad technology. Within four years of inception, the Fund invested R130 million in 10 investments ranging from small start-ups, to larger established listed entities. Six investments, Mosaic Software, VoxTelecom, ComTech, Aquitec, Grapevine and Spescom have been successfully exited. The remaining actively-managed investments are all cash flow positive and have exciting growth plans. The fund is now closed, although additional funding is available for follow-on investments.
In January 2011, Spescom was acquired in full by Jasco Electronics Holdings Ltd, a company listed on the JSE. The acquisition was supported by Spescom shareholders due to a strong value proposition, including head office cost savings as well as significant customer and product growth opportunities. In the transaction, the Fund exchanged its shareholding of 20 million Spescom shares for 8.1 million shares in Jasco, which will equate to 5,5% of the issued share capital, and R3 million in cash. |