Convergence Partners, the investment management firm established in 2006 by businessman Andile Ngcaba, announced on Wednesday an equity injection into inQuba, a global specialist in managed customer experience software. By Staff Writer
The South African-based firm said the undisclosed funds invested by it will be used to accelerate inQuba’s global expansion.
The inQuba investment will be housed in Convergence Partners Fund I (CPI), the vehicle through which Convergence Partners invests in software businesses among other key pillars of the African ICT market.
Convergence said in a statement that CPI will hold a significant minority interest in inQuba post transaction.
Founded by serial entrepreneurs Michael Renzon and Trent Rossini, both with a successful history of creating, managing and exiting leading technology businesses, inQuba has established itself across four continents.
Its client base consists of multinational corporations from the financial services, insurance, retail, travel and telecommunications sectors, including Goodyear, Virgin Mobile, Suncorp, Telkom South Africa, and Vitality Life, among others.
“With customer experience being the latest competitive differentiator, we have seen companies globally investing heavily in customer experience in a race to offer a highly differentiated customer experience. Customer experience, as an industry, is therefore set to grow substantially over the next few years,” says Michael Renzon, CEO of inQuba.
“In light of this, and the international success of our disruptive customer experience platform, inQuba will leverage the investment from Convergence Partners to further expand our presence and enhance our product offering to clients all over the world, with scaling in the U.S. being a top priority.”