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Lesaka Technologies
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] HistoryIt 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] AcquisitionsIn 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
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