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{{Short description|South African corporation}}
{{Short description|South African corporation}}
{{COI|date=November 2022}}
{{Infobox company
{{Infobox company
| name = Lesaka Technologies
| name = Lesaka Technologies
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| 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 = Christopher G.B. Meyer, CEO
| revenue =
| revenue =
| revenue_year = <!-- Year of revenue data (if known) -->
| revenue_year = <!-- Year of revenue data (if known) -->
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}}
}}


'''Lesaka Technologies,''' is a publicly-traded South-African financial technology company that is listed on the [[NASDAQ]] (Nasdaq: $LSAK) and [[Johannesburg Stock Exchange]] (JSE: LSK).<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 Botswana and South Africa's social grant payment system.<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> 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> 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>


== History ==
== 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>
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==
Line 45: Line 54:
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> Connect Group, which was founded in 2006, is one of the leading providers of fintech solutions in the country and services nearly 44 000 micro, small and medium enterprises in Southern Africa. The transaction was first announced in November last year, when Net1 signed a definitive agreement to acquire 100% of the Connect Group
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==

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"