Listed software solutions company SilverBridge wants to expand further into Africa to take advantage of a growing need for financial services on the continent.
CEO Jaco Swanepoel says the company's growth strategy is to be present in countries across the continent.
SilverBridge is already in 10 African countries, including Kenya, Zambia, Malawi, Zimbabwe, Mauritius, Swaziland, Namibia, Nigeria, Lesotho and Ghana. On the continent, it provides services to life insurance organisations, such as Old Mutual and Sanlam, and has Mercantile Bank as a client.
Swanepoel explains that the company will expand in Africa on the back of its clients moving north, or through relationships with partners. He says SilverBridge will not expand on its own, as it is vital to have a relationship already in place.
The company has been active on the continent for 14 years. However, Africa is now an area of focus and SilverBridge has a dedicated sales person travelling through the continent.
Swanepoel, who last night addressed investors and analysts at the company's half year results to August, adds that the group has seen interest from companies in Africa. “But, due to the economic climate, everything is a bit slower than we would like, but we are very positive on Africa.”
The company reported revenue growth of 71%, to R51 million, and net profit growth of 143%, to R5.2 million, taking headline earnings per share up 134%, to 15c.
SilverBridge was formed through the listing of SDT Financial Software Solutions, a supplier of software solutions to the financial services industry, on the JSE AltX in 2006. Last year, it acquired 51% of Ones & Zeros, which offers consulting services to financial institutions, for R12.3 million.
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