US technology-focused private equity giant Accel-KKR has made a “significant” investment in Stellenbosch-based Entersekt, a big player in the device entity and authentication space.
The value of the deal has not been disclosed and neither has the percentage stake the Accel-KKR has bought in the privately held Entersekt.
“The company will use the investment to help scale the business to reach more organisations across more regions with its cloud-first solutions, as the industry is experiencing a wave of innovation in areas like omnichannel and password-less authentication, 3-D Secure and open banking,” a statement said.
Entersekt is led by CEO Schalk Nolte.
Joe Porten, principal at Accel-KKR said in the statement: “Entersekt is known for its deep vertical expertise and successful track record in the financial services industry. The company scores high marks from customers, especially for its innovative technology that completely reimagines user experiences. As a partner, Accel-KKR is committed to helping the Entersekt team accelerate growth and continually deliver innovation in their category.”
Rand Merchant Investment (RMI) Holdings, through AlphaCode, RMI’s incubator for fintech entrepreneurs, has led two previous fundraising rounds and remains a significant investor in Entersekt. — (c) 2021 NewsCentral Media