Andile Ngcaba enters WASP business

Johannesburg, 05 Mar 2008

Convergence Partners has acquired a 21% stake in Integrat. The value of the deal has not been disclosed.

Integrat is a wireless application service provider (WASP) aggregator, providing solutions which enable WASPs to connect seamlessly into SA`s mobile networks within a few days. The company has also developed various additional solutions, including: content manager, campaigns manager, mobile payment systems and other mobile handset-focused services.

Convergence Partners chairman Andile Ngcaba says the country`s cellular phone uptake has made the mobile content market a key growth area.

"This is particularly so as voice becomes increasingly commoditised and mobile operators focus on data offerings to grow revenues. This investment is perfectly aligned with our belief that the digital media space is set to experience significant growth as content quantity increases and the medium through which it is consumed evolves to include non-traditional devices, such as mobile handsets, which are increasingly including non-voice-related features and functions," he explains.

The deal sees Convergence Partners` black economic empowerment shareholding rise to 24%. The remaining empowerment shareholding is through Integrat`s internal employee`s trust.

Convergence Partners says the acquisition is in line with its focus on companies with good growth potential, strong management and compelling intellectual property.