South Africa: Pape Fund 3 acquires Nedbank Private Equity’s stake in Entersekt
South Africa: Pape Fund 3 acquires Nedbank Private Equity’s stake in Entersekt
Entersekt has announced that PAPE Fund Managers has expanded its investment in the company.
Entersekt, a financial authentication company, has announced that PAPE Fund Managers has expanded its investment in the company. Following an initial investment in July 2022, PAPE Fund 3 recently acquired Nedbank Private Equity’s equity stake in Entersekt, increasing its total investment and ownership stake.
PAPE Fund 3 is a ZAR1.06 billion ($55 million) private equity fund that is fully invested in six South African mid-cap unlisted businesses that have grown internationally.
Entersekt is a provider of financial fraud prevention and payment security solutions.
Zuko Kubukeli, PAPE Fund Managers' CEO, said, “We are very excited about Entersekt’s potential to grow from being a South African tech company into an internationally recognised enterprise with a presence in the USA, Europe, the Nordics, Pakistan, and the Philippines. This is a great South African success story, and we are delighted that PAPE Fund 3 and its investors are now firmly part of the journey.”
“PAPE has been a valuable investor and advisor to Entersekt since their initial investment in 2022,” added Schalk Nolte, CEO of Entersekt. “Their expanded investment is evidence of their confidence in our business and the tremendous growth opportunities ahead. Nedbank has also played a significant role in aiding our progress, as both an investor and a customer. While they are transitioning from an equity holder, they remain a valued client, providing us with great insights into the needs of the market.”
“Nedbank Private Equity has been invested in Entersekt since 2013, and it’s been remarkable to have walked this journey together and witness the evolution of the business and all its achievements,” said Amir Regev, private equity principal at Nedbank CIB. “From Nedbank being one of Entersekt’s first customers to now servicing hundreds of customers globally, it is a testament to the quality of the management team and their innovative solutions. I am confident that Entersekt will continue to thrive and redefine the boundaries of what is possible.”
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