Tritech Media's buying spree continues following the acquisition of a 30% stake in KaChing, a locally-developed cashless and ticketless parking app.
The remainder of shares in KaChing are held by the founders and Servest, the largest black-owned facilities management company in Africa.
Tritech is owned by serial entrepreneur William Kirsh, who helped build local media giant Primedia, among other businesses. Following the latest deal, Kirsh will join the board of KaChing.
The Kirsh family is one of the wealthiest in SA, with a fortune valued at $6.2 billion, according to the Bloomberg Billionaires Index.
KaChing is a cashless, ticketless parking system and smartphone application, designed to make payment for parking easy and convenient for visitors. KaChing developed patented technology that utilises licence plate recognition software to smooth the parking experience. It was awarded the Most Innovative App of 2016 by MTN Business.
KaChing operates in Johannesburg at Melrose Arch, Morningside Shopping Centre, Thrupps, Campus Square and the Pavilion Shopping Centre. The start-up company says 10 more facilities will be operational soon across Johannesburg, Durban and Cape Town.
Kirsh has been on a buying spree this year. Last month, Tritech Media announced the acquisition of a 20% interest in social transit app and Web site, GoMetro, for an undisclosed amount. During the same month, he also acquired a 35% holding in ValueCard.
In August, the company acquired a 25% holding in real-time location-based technology company ProximityID for an undisclosed amount. Other acquisitions include Geospatial Data Solutions. In April, Tritech Media announced it had acquired a 51% interest in Ionizr, a local provider of real-time proximity advertising technology, for an undisclosed amount. In December last year, the media company acquired a 45% stake in local gaming industry innovator GameZBoost.
"With KaChing, we further improve our global-first solution for shopping mall owners and their retail clients to engage precisely with consumers," says Kirsh.
"We are now able to integrate KaChing with our other location-based technologies Ionizr, Geospatial Data Solutions, Spatialedge and ProximityID; thus allowing marketers to track the entire consumer journey in and around shopping malls, right down to the product line in-store. KaChing has a unique dual offering; firstly, precise-based communications; and secondly, the ability for shopping mall tenants to reward loyalty to their brands by providing free parking."
Jaco Marais, co-founder and MD of KaChing says: "Our technology is an excellent example of disruptive technology brought to market to improve the parking experience in a mature industry. Tritech Media positions KaChing to further disrupt this industry with the potential of hassle-free parking for brand-loyal consumers and location-relevant brand advertising. Tritech Media represents a myriad of proven technologies, thereby providing an attractive platform for further development."
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