By Gugu Lourie
Invenfin, a business unit of Stellenbosch-based investment conglomerate Remgro, has bought 20% stake in SA’s cloud-based enterprise software company Wyzetalk for an undisclosed amount. This deal makes Invenfin the largest investor in Wyzetalk.
Wyzetalk, which has grown to 30,000 paying users on its platforms, has added a new Professional Services division focused on advisory services, social business strategy consulting and ongoing community management services to ensure successful implementations.
“Most recently Invenfin, the early stage venture investment arm of Remgro Limited, has become our largest investor with the acquisition of a 20% equity stake. It means that we benefit from the exceptional experience, networks and resources of this active investment firm,” says Gys Kappers, Wyzetalk CEO.
IDC estimates that by 2016 the size of the global social and collaboration software market would grow to $4.5 billion annually.
Wyzetalk was started as a tech project in 2011 born out of frustration at the limiting features of social business software available in SA. Last year Clifftop Colony Capital Partners brought the amount of capital it raised for the company to over R20 million from local and international investors including Kenyan based, Savannah Fund.
“Wyzetalk’s early successes in this market, innovative technology and strong team led by Gys, have impressed us. We are excited by this business’ potential in South Africa and other emerging markets. Invenfin looks forward to being a valuable partner in helping Wyzetalk achieve its objectives, whilst our investment will enable the business to scale more rapidly,” says Invenfin’s Executive Director Stuart Gast.
Eyeing to expand its platform
Wyzetalk’s enterprise collaboration solution continues to evolve with additional features being added constantly as part of a comprehensive development pipeline on par with international platforms, but, most importantly, with some game changing differences. Larger enterprises can use Wyzetalk as a social intranet solution with a front end dashboard that has the ability to integrate with a company’s existing software systems. Then there’s the link with applications like LinkedIN, Skype, Dropbox, Box, Microsoft, SAP and Oracle to name a few.
“We welcome Invenfin as a new shareholder to the group. For Wyzetalk this means an important step towards institutional funding, thus now allowing us to scale up faster to establish ourselves as the premier social business solution for emerging markets,” says Oliver Drews, Wyzetalk Chairman.
The company also said it has established an agreement with a global leading consulting firm that will see the company implementing the Workforce solution for their blue chip client base.
“Given the needs of industries such as mining, retail, manufacturing, construction,and logistics, Wyzetalk and its social business approach will be able to grow to meet the needs of the emerging markets more effectively than ever,” says Kappers.