Convergence Partners, the investment firm controlled by well-known ICT industry businessman Andile Ngcaba, has announced it is investing US$1m (about R15,6m) in South African technology start-up Snapt to help it in its plans to expand internationally.
Snapt provides high-end virtualised and cloud-based load balancing, Web acceleration and security software.
“This funding is enormously important in Snapt’s bid to become a major player in the $6,5bn US market for application delivery software,” said CEO Dave Blakey in a statement.
“It’s also significant because it shows that South Africa not only incubates smart start-ups, but also has the capacity and vision to grow them into global competitors,” Blakey said.
He said that too often success for South African start-ups means moving abroad to tap into capital markets. The investment by Convergence Partners will allow Snapt to remain in the country.
Snapt was launched in 2012 and since then has built a client base of 10 000 customers in 50 countries. It recently opened its first US offices in Atlanta. The US sales and marketing arm, called Snapt Global, was established “due to accelerating market demand and aggressive US expansion plans”. Snapt’s corporate offices and engineering operations will remain in South Africa.
Meanwhile, the company said it intends participating in this year’s Rise conference in Hong Hong, where delegates from the world’s biggest companies and most exciting start-ups will come together to network and share experiences. At the conference, Snapt will be offering start-ups free access to its entry-level product suite. — © 2016 NewsCentral Media
