Encha Group has acquired a 51% controlling equity stake in telecoms firm Pattern Matched Technologies (PMT) for an undisclosed amount, after a 12-month engagement period.
PMT's main focus for several years has been to facilitate solutions that enable the financial and product intersection of the mobile network operator and financial institutions such as banks, large credit retail, insurance and similar industries.
"When PMT went to market to look for suitable partner potential, the key focus of the criterion for a successful partnership included mutual requirements of impeccable market reputation, key South African business leadership potential, a focus on young South African mind development, and an organisation that traded on core pillars of best-of-breed talent and its application," says Markus Schorn, CEO of PMT.
Gaining insight
Gontse Moseneke, Encha Tech CEO, says: "Since 2008, Encha Tech has sought to actively manage Encha Group's investments in the technology sector, some of which date back to as early as 2001."
Encha Group is a diversified investment holding company with interests mainly in property, energy, technology, trading and services. Encha Tech manages Encha Group's technology investments.
Moseneke says the group has managed and concluded the first cycle of investing in the technology sector, which improved its understanding of the technology landscape and the opportunities it presents.
In the second cycle of technology investing, Encha aims to establish, among others, a large click-fee revenue-based business, says Moseneke. PMT is Encha's first investment in this second cycle, he adds.
"We believe that the technical competence, product offering and leadership within PMT can be married with Encha's core capabilities in order to generate and unlock enormous value for our shareholders, employees and related stakeholders. We look forward to strengthening the partnership with the management and the broader team at PMT, and to working in concert with other parties in order to bring to life the envisioned click-fee revenue-based business."
Encha and PMT are involved in high-level negotiations with leadership in the corporate sector, as well as with local collective organisation markets. The parties expect to announce a deal in the financial space soon.
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