Convergence Partners, an investment management firm focused on the telecommunications, media and technology sector in Africa, has invested $1m in a South African technology start-up, Snapt.
Andile Ngcaba, Chairman of Convergence Partners, said: “Load balancing in the network infrastructure and server environment is what differentiates successful companies in the digital domain – and Snapt’s technology solutions give its customers this competitive edge. We are proud to be supporting a leading global tech player like Snapt.”
Snapt provides high-end virtualized and cloud-based load balancing, web acceleration and security software.
This software is essential in helping businesses keep their web-based applications secure and running optimally – a key factor in delivering the excellent customer service that drives competitive advantage in today’s global markets.
The company has been disrupting the market since its launch in 2012 and achieved astonishing year-on-year growth of 400% in both 2014 and 2015.
Snapt offers a start-up package at $55 per month, which includes 24/7/365 service availability and an average response time of three minutes, demonstrating that service excellence and responsiveness are at the heart of the business.
Since its launch in 2012, Snapt has built a client base of 10,000 customers stretching across 50 countries.
Dave Blakey, CEO of Snapt, said that the backing by Convergence Partners is more than a vote of confidence in Snapt’s potential, it shows the potential for the South African technology sector to become an international competitor.
“This funding is enormously important in Snapt’s bid to become a major player in the $6.5bn US market for application delivery software. It’s also significant because it shows that South Africa not only incubates smart start-ups, but also has the capacity and vision to grow them into global competitors,” Blakey said.
“Start-ups need capital to expand, and all too often, success means moving the company away from South Africa to access capital markets. The investment by Convergence Partners allows us to pursue our global ambitions while remaining proudly South African,” he added.
Blakey’s commitment to enabling start-ups extends beyond the technology sector: “Start-up businesses may be small, but their needs are not.”
He added that “just 10 minutes of downtime can be damaging to any business that relies on its web footprint to accelerate its growth, especially in the e-commerce space. We wanted to provide a high-performance solution to these companies to enable their growth, at a price that disrupts the market.” Source: Asoko Insight