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{{Short description|South African corporation}}
{{Infobox company
{{Infobox company
| name = Net 1 UEPS Technologies
| name = Lesaka Technologies
| logo =
| logo =
| logo_size =
| logo_size =
| trade_name = UEPS<br>NT1
| trade_name = {{NASDAQ|LSAK}}
(formerly UEPS and NT1)
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| industry =
| industry =
Line 12: Line 14:
| hq_location_city = [[Johannesburg]]
| hq_location_city = [[Johannesburg]]
| hq_location_country = [[South Africa]]
| hq_location_country = [[South Africa]]
| key_people = Ali Mazanderani, Executive Chairman<ref>{{Cite web |title=Fintech investor Ali Mazanderani is Lesaka Technologies new chairperson|url=https://cio-sa.co.za/articles/fintech-investor-ali-mazanderani-is-lesaka-technologies-new-chairperson|access-date=2024-03-30 |website=cio-sa.co.za|date=5 December 2023 |language=en}}</ref>
| key_people = Herman Kotze, CEO
| revenue =
| revenue =
| revenue_year = <!-- Year of revenue data (if known) -->
| revenue_year = <!-- Year of revenue data (if known) -->
Line 29: Line 31:
| divisions =
| divisions =
| subsid =
| subsid =
| website = {{URL|net1.com}}
| website = {{URL|https://lesakatech.com/}}
}}
}}


'''Net 1 UEPS Technologies''' is a publicly-traded South-African financial technology company that is listed on the [[NASDAQ]] (Nasdaq: UEPS) and [[Johannesburg Stock Exchange]] (JSE: NT1).<ref>{{cite web|url=https://www.iol.co.za/business-report/companies/net1-ueps-technologies-sells-payment-processor-unit-for-237m-41513612|title=Net1 UEPS Technologies sells payment processor unit for $237m|publisher=IOL|date=28 January 2020}}</ref> The company has managed South Africa's social grant payment system and is headquartered in [[Johannesburg]].<ref>{{cite web|url=https://www.businesslive.co.za/bd/companies/financial-services/2017-03-17-net1-must-comply-with-spirit-of-top-courts-order-allan-gray-urges/|title=Net1 must comply with ‘spirit’ of top court’s order, Allan Gray urges| publisher=Business Day|date=17 March 2017}}</ref> By July 2012, Net1 had issued more than 2.5 million South African Social Security Agency (SASSA) debit [[MasterCard]]s to social grant recipients in the country.<ref>{{cite web|url=https://businesstech.co.za/news/trending/19004/net1-reaches-biometric-cards-milestone/|title=Net1 reaches biometric cards milestone| publisher=Business Tech|date=30 July 2012}}</ref>
'''Lesaka Technologies''' (formerly ''Net 1 UEPS Technologies'') is a South-African financial technology company that is listed on the [[NASDAQ]] (Nasdaq: ''LSAK'') and [[Johannesburg Stock Exchange]] (JSE: LSK).<ref>{{Cite web |title=Lesaka Technologies Inc (LSAK) Surpasses Q2 FY24 Guidance with S |url=https://www.gurufocus.com/news/2194594/lesaka-technologies-inc-lsak-surpasses-q2-fy24-guidance-with-strong-revenue-and-profitability-growth?r=caf6fe0e0db70d936033da5461e60141 |access-date=2024-03-30 |website=www.gurufocus.com |language=en}}</ref><ref>{{Cite web |title=Lesaka Technologies Inc (LSK) Stock Price & News |url=https://www.google.com/finance/quote/LSK:JSE |access-date=2024-03-30 |website=Google Finance |language=en-US}}</ref>Lesaka’s primary focus is on financial inclusion, offering financial services to previously underserved communities and merchants. <ref>{{Cite news |date=7 Jun 2023 |title=Lesaka Technologies – Championing financial inclusion in informal communities |url=https://businesstech.co.za/news/industry-news/694221/lesaka-technologies-championing-financial-inclusion-in-informal-communities/ |work=businesstech.co.za}}</ref>


The company has managed Botswana and South Africa's social grant payment system up to 2018.<ref>{{Cite web |last=Admin |title=Plot thickens in P6bn Orphans, Destitute Fund Scandal |url=https://www.thegazette.news/latest-news/plot-thickens-in-p6bn-orphans-destitute-fund-scandal/ |access-date=2023-01-16 |website=Botswana Gazette |date=March 2018 |language=en}}</ref><ref name=":0">{{Cite web |last= |first= |title=EasyPay owner Net1 rebrands as Lesaka Technologies |url=https://www.news24.com/fin24/companies/easypay-cash-paymaster-services-owner-net1-rebrands-as-lesaka-technologies-20220511 |access-date=2024-03-30 |website=news24.com |language=en-US}}</ref> The company is headquartered in [[Johannesburg]].<ref>{{cite web|url=https://www.businesslive.co.za/bd/companies/financial-services/2017-03-17-net1-must-comply-with-spirit-of-top-courts-order-allan-gray-urges/|title=Net1 must comply with 'spirit' of top court's order, Allan Gray urges| publisher=Business Day|date=17 March 2017}}</ref>
⚫
It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the [[Securities and Exchange Commission]] for $8 million.<ref>{{cite web|url=https://mg.co.za/article/2017-05-30-net1-to-pay-outgoing-ceo-serge-belamant-a-cool-r263-million/|title=Net1 to pay outgoing CEO Serge Belamant a cool R263-million|publisher=Mail & Guardian|date=30 May 2017}} </ref> Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.<ref>{{cite web|url=https://techcentral.co.za/altron-cfo-alex-smith-quits-join-net1/78480/|title=Altron CFO Alex Smith quits to join Net1|publisher=Tech Central|date=1 December 2017}}</ref>

== History ==
⚫
It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the [[Securities and Exchange Commission]] for $8 million.<ref>{{cite web|url=https://mg.co.za/article/2017-05-30-net1-to-pay-outgoing-ceo-serge-belamant-a-cool-r263-million/|title=Net1 to pay outgoing CEO Serge Belamant a cool R263-million|publisher=Mail & Guardian|date=30 May 2017}}</ref> Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.<ref>{{cite web|url=https://techcentral.co.za/altron-cfo-alex-smith-quits-join-net1/78480/|title=Altron CFO Alex Smith quits to join Net1|publisher=Tech Central|date=1 December 2017}}</ref>The company became known for products such as EasyPay and Cash Paymaster Services (CPS).<ref name=":0" />

In 2020, Value Capital Partners invested R580 million into the company and began a process of redefining the strategy, appointing a new board and management team, and strengthening the company’s corporate governance.<ref>{{Cite web |last= |first= |date=2020-04-28 |title=Value Capital Partners acquires stake in under-fire Net1 |url=https://www.itweb.co.za/article/value-capital-partners-acquires-stake-in-under-fire-net1/rxP3jMBmAeO7A2ye |access-date=2024-03-30 |website=ITWeb}}</ref><ref>{{Cite web |last= |first= |date=2020-04-28 |title=Value Capital Partners takes R580m stake in Net1 |url=https://www.moneyweb.co.za/news/companies-and-deals/value-capital-partners-takes-r580m-stake-in-net1/ |access-date=2024-03-30 |website=Moneyweb |language=en}}</ref>

In 2021, the company appointed Chris Meyers as its new CEO.<ref>{{Cite news |date=August 2, 2023 |title=Lesaka Technologies: A Fintech Turnaround Case |url=https://seekingalpha.com/article/4622676-lesaka-technologies-a-fintech-turnaround-case |access-date=March 30, 2024 |newspaper=Seeking Alpha |last1=Zourmpanos |first1=Yiannis }}</ref>

In 2022, Net1 rebranded as Lesaka Technologies, which coincided with the R3.7 billion acquisition of the Connect Group.<ref>{{Cite web |date=May 12, 2022 |title=Net 1 UEPS rebrands as Lesaka |url=https://www.iol.co.za/business-report/companies/net-1-ueps-rebrands-as-lesaka-3091365f-58f2-4e01-8020-ae14d3b02f5c |access-date=March 30, 2024 |website=iol.co.za}}</ref>

Meyer stepped down as Lesaka’s CEO in 2023.<ref name=":1">{{Cite web |date=2023-12-05 |title=Lesaka CEO Chris Meyer to step down |url=https://techcentral.co.za/lesaka-ceo-chris-meyer-to-step-down/236413/ |access-date=2024-03-30 |website=TechCentral |language=en-US}}</ref>Upon his departure from the company, Ali Mazanderani was appointed as executive chairman and former chairman Kuben Pillay became lead independent director.<ref name=":1" />


==Acquisitions==
==Acquisitions==

In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.<ref>{{cite web|url=https://www.finextra.com/pressarticle/35611/net1-to-buy-99-of-korean-payment-processor-ksnet|title=Net1 to buy 99% of Korean payment processor KSNet| publisher=Finextra|date=16 September 2010}}</ref> Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.<ref>{{cite web| url=https://www.globenewswire.com/news-release/2015/02/05/1331916/0/en/Net1-Launches-ZAZOO-in-the-UK.html|title=Net1 Launches ZAZOO in the UK|publisher=Globe Newswire|date=5 February 2015}}</ref> It reached an agreement with [[MobiKwik]], a mobile phone based [[Prepaid Payment Instruments in India|payment system]] and [[digital wallet]] based in India, in 2016.<ref>{{cite web|url=https://www.telecomlead.com/mobile-vas/net-1-and-mobikwik-enter-into-subscription-agreement-in-india-70949|title=Net 1 and MobiKwik enter into subscription agreement in India| publisher=Telecomlead|date=26 August 2016}}</ref>
In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.<ref>{{cite web|url=https://www.finextra.com/pressarticle/35611/net1-to-buy-99-of-korean-payment-processor-ksnet|title=Net1 to buy 99% of Korean payment processor KSNet| publisher=Finextra|date=16 September 2010}}</ref> Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.<ref>{{cite press release| url=https://www.globenewswire.com/news-release/2015/02/05/1331916/0/en/Net1-Launches-ZAZOO-in-the-UK.html|title=Net1 Launches ZAZOO in the UK|publisher=Globe Newswire|date=5 February 2015}}</ref> It reached an agreement with [[MobiKwik]], a mobile phone based payment system and [[digital wallet]] based in India, in 2016.<ref>{{cite web|url=https://www.telecomlead.com/mobile-vas/net-1-and-mobikwik-enter-into-subscription-agreement-in-india-70949|title=Net 1 and MobiKwik enter into subscription agreement in India| publisher=Telecomlead|date=26 August 2016}}</ref>


Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.<ref>{{cite web|url=https://www.nasdaq.com/articles/net-1-ueps-tech-to-sell-ksnet-for-about-%24237-mln-2020-01-27|title=Net 1 UEPS Tech To Sell KSNET For About $237 Mln|publisher=Nasdaq|date=27 January 2020}}</ref> In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.<ref>{{cite web|url=https://www.timeslive.co.za/sunday-times/business/2017-06-02-new-net1-boss-defends-belamants-8-million-golden-handshake/|title=New Net1 boss defends Belamant's $8- million golden handshake|publisher=Sunday Times|date=2 June 2017}}</ref><ref>{{cite web|url=https://www.moneyweb.co.za/news/companies-and-deals/cash-paymaster-services-to-go-into-liquidation/|title=Cash Paymaster Services to go into liquidation|publisher=Moneyweb|date=30 September 2020}}</ref>
Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.<ref>{{cite web|url=https://www.nasdaq.com/articles/net-1-ueps-tech-to-sell-ksnet-for-about-%24237-mln-2020-01-27|title=Net 1 UEPS Tech To Sell KSNET For About $237 Mln|publisher=Nasdaq|date=27 January 2020}}</ref> In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.<ref>{{cite web|url=https://www.timeslive.co.za/sunday-times/business/2017-06-02-new-net1-boss-defends-belamants-8-million-golden-handshake/|title=New Net1 boss defends Belamant's $8- million golden handshake|publisher=Sunday Times|date=2 June 2017}}</ref><ref>{{cite web|url=https://www.moneyweb.co.za/news/companies-and-deals/cash-paymaster-services-to-go-into-liquidation/|title=Cash Paymaster Services to go into liquidation|publisher=Moneyweb|date=30 September 2020}}</ref>

In March 2022 Net1's R3.7 billion 100% acquisition of the Connect Group was approved by the South African Competition authorities.<ref>{{cite web|url=https://techcentral.co.za/net1-gets-green-light-for-r3-7-billion-connect-deal/208688/|title=Net1 gets green light for R3.7-billion Connect deal|publisher=TechCentral|date=11 March 2022}}</ref> The transaction was first announced in November last year, when Net1 signed a definitive agreement to acquire 100% of the Connect Group.<ref>{{Cite web |date=2022-03-11 |title=Net1 gets green light for R3.7-billion Connect deal |url=https://techcentral.co.za/net1-gets-green-light-for-r3-7-billion-connect-deal/208688/ |access-date=2024-03-30 |website=TechCentral |language=en-US}}</ref>

In February 2024 Lesaka announced it was acquiring Touchsides, a platform-as-a-service and software-as-a-service solutions provider to licensed tavern outlets.<ref>{{Cite web |date=2024-02-06 |title=Lesaka buys Touchsides from Heineken in taverns push |url=https://techcentral.co.za/lesaka-touchsides-heineken-taverns-push/239189/ |access-date=2024-04-29 |website=TechCentral |language=en-US}}</ref>

In May 2024, Lesaka Technologies acquired Adumo, a payment platform headquartered in Cape Town, for $85 million.<ref>{{Cite web |date=2024-05-08 |title=Lesaka Technologies to Integrate Adumo in $85 Million Deal |url=https://fintech.industryexaminer.com/lesaka-acquirs-adumo-for-85-million/ |website=Fintech Industry Examiner |language=en-US}}</ref>


==References==
==References==
{{reflist}}
{{reflist}}


== External links ==
{{Uncategorized|date=July 2021}}

* {{Official website}}

{{Witwatersrand companies}}

[[Category:Financial technology companies]]
[[Category:Technology companies of South Africa]]
[[Category:Finance in South Africa]]
[[Category:Companies based in Johannesburg]]
[[Category:Companies listed on the Johannesburg Stock Exchange]]

Latest revision as of 13:25, 20 June 2024

Lesaka Technologies
Nasdaq: LSAK (formerly UEPS and NT1)
Company typePublic
FounderSerge Belamant
Headquarters
Johannesburg
,
South Africa
Key people
Ali Mazanderani, Executive Chairman[1]
Websitelesakatech.com

Lesaka Technologies (formerly Net 1 UEPS Technologies) is a South-African financial technology company that is listed on the NASDAQ (Nasdaq: LSAK) and Johannesburg Stock Exchange (JSE: LSK).[2][3]Lesaka’s primary focus is on financial inclusion, offering financial services to previously underserved communities and merchants. [4]

The company has managed Botswana and South Africa's social grant payment system up to 2018.[5][6] The company is headquartered in Johannesburg.[7]

History[edit]

It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the Securities and Exchange Commission for $8 million.[8] Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.[9]The company became known for products such as EasyPay and Cash Paymaster Services (CPS).[6]

In 2020, Value Capital Partners invested R580 million into the company and began a process of redefining the strategy, appointing a new board and management team, and strengthening the company’s corporate governance.[10][11]

In 2021, the company appointed Chris Meyers as its new CEO.[12]

In 2022, Net1 rebranded as Lesaka Technologies, which coincided with the R3.7 billion acquisition of the Connect Group.[13]

Meyer stepped down as Lesaka’s CEO in 2023.[14]Upon his departure from the company, Ali Mazanderani was appointed as executive chairman and former chairman Kuben Pillay became lead independent director.[14]

Acquisitions[edit]

In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.[15] Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.[16] It reached an agreement with MobiKwik, a mobile phone based payment system and digital wallet based in India, in 2016.[17]

Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.[18] In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.[19][20]

In March 2022 Net1's R3.7 billion 100% acquisition of the Connect Group was approved by the South African Competition authorities.[21] The transaction was first announced in November last year, when Net1 signed a definitive agreement to acquire 100% of the Connect Group.[22]

In February 2024 Lesaka announced it was acquiring Touchsides, a platform-as-a-service and software-as-a-service solutions provider to licensed tavern outlets.[23]

In May 2024, Lesaka Technologies acquired Adumo, a payment platform headquartered in Cape Town, for $85 million.[24]

References[edit]

  1. ^ "Fintech investor Ali Mazanderani is Lesaka Technologies new chairperson". cio-sa.co.za. 5 December 2023. Retrieved 2024-03-30.
  2. ^ "Lesaka Technologies Inc (LSAK) Surpasses Q2 FY24 Guidance with S". www.gurufocus.com. Retrieved 2024-03-30.
  3. ^ "Lesaka Technologies Inc (LSK) Stock Price & News". Google Finance. Retrieved 2024-03-30.
  4. ^ "Lesaka Technologies – Championing financial inclusion in informal communities". businesstech.co.za. 7 Jun 2023.
  5. ^ Admin (March 2018). "Plot thickens in P6bn Orphans, Destitute Fund Scandal". Botswana Gazette. Retrieved 2023-01-16.
  6. ^ a b "EasyPay owner Net1 rebrands as Lesaka Technologies". news24.com. Retrieved 2024-03-30.
  7. ^ "Net1 must comply with 'spirit' of top court's order, Allan Gray urges". Business Day. 17 March 2017.
  8. ^ "Net1 to pay outgoing CEO Serge Belamant a cool R263-million". Mail & Guardian. 30 May 2017.
  9. ^ "Altron CFO Alex Smith quits to join Net1". Tech Central. 1 December 2017.
  10. ^ "Value Capital Partners acquires stake in under-fire Net1". ITWeb. 2020-04-28. Retrieved 2024-03-30.
  11. ^ "Value Capital Partners takes R580m stake in Net1". Moneyweb. 2020-04-28. Retrieved 2024-03-30.
  12. ^ Zourmpanos, Yiannis (August 2, 2023). "Lesaka Technologies: A Fintech Turnaround Case". Seeking Alpha. Retrieved March 30, 2024.
  13. ^ "Net 1 UEPS rebrands as Lesaka". iol.co.za. May 12, 2022. Retrieved March 30, 2024.
  14. ^ a b "Lesaka CEO Chris Meyer to step down". TechCentral. 2023-12-05. Retrieved 2024-03-30.
  15. ^ "Net1 to buy 99% of Korean payment processor KSNet". Finextra. 16 September 2010.
  16. ^ "Net1 Launches ZAZOO in the UK" (Press release). Globe Newswire. 5 February 2015.
  17. ^ "Net 1 and MobiKwik enter into subscription agreement in India". Telecomlead. 26 August 2016.
  18. ^ "Net 1 UEPS Tech To Sell KSNET For About $237 Mln". Nasdaq. 27 January 2020.
  19. ^ "New Net1 boss defends Belamant's $8- million golden handshake". Sunday Times. 2 June 2017.
  20. ^ "Cash Paymaster Services to go into liquidation". Moneyweb. 30 September 2020.
  21. ^ "Net1 gets green light for R3.7-billion Connect deal". TechCentral. 11 March 2022.
  22. ^ "Net1 gets green light for R3.7-billion Connect deal". TechCentral. 2022-03-11. Retrieved 2024-03-30.
  23. ^ "Lesaka buys Touchsides from Heineken in taverns push". TechCentral. 2024-02-06. Retrieved 2024-04-29.
  24. ^ "Lesaka Technologies to Integrate Adumo in $85 Million Deal". Fintech Industry Examiner. 2024-05-08.

External links[edit]

Retrieved from "https://en.wikipedia.org/w/index.php?title=Lesaka_Technologies&oldid=1230072717"