Cassava receives 855 million rand to open security centers in Africa

Strive Masiyiwa, Founder and Executive Chairman of Cassava Technologies.

Cassava Technologies is set to establish a network of cybersecurity operations centers (CSOCs) across Africa, with the aim of growing its cybersecurity business.

The company yesterday announced new funding of $50 million (R885 million), secured from C5 Capital as part of a funding round aimed at accelerating growth, including pursuing cybersecurity opportunities.

Since the outbreak of COVID-19, most organizations on the continent have accelerated their digital transformation, which has increased the need for cybersecurity solutions.

Cassava gave an overview of its expansion plans yesterday, revealing that South Africa will host its first cybersecurity operations center due to launch later this year.

The C5 funding will help accelerate digital connectivity and inclusion on the continent, as well as provide “the best cybersecurity, satellite and space technology and clean energy”, it says.

Cassava, which was recently created by the pan-African telecoms group Econet, also houses the group’s fiber optic broadband networks, data centers, cybersecurity, fintech and digital units.

Regarding Cassava’s relationship with C5, the company says it already has a joint venture with the specialist venture capital firm, which invests in cybersecurity, space and energy security through the C5 holding company. Haven Cyber.

Cassava says the company will help it scale Microsoft’s suite of cybersecurity products across Africa to help combat the threat of cybercrime.

Through the partnership between Haven Cyber ​​and Liquid Cloud & Cybersecurity (a Cassava company), the parties aim to bring cybersecurity expertise to Africa by “launching a network of state-of-the-art CSOCs across Africa”.

According to Cassava, the CSOC network will enable the rapid provision of cybersecurity services and operations on the continent.

“Recent industry reports highlight that cybersecurity threats cost Africa nearly $4.1 billion in lost GDP in 2021,” said Hardy Pemhiwa, President and CEO of Cassava.

“This is primarily due to the massive increase in technology adoption in businesses and governments across Africa and the increase in vulnerabilities as cyberattack technologies evolve.

“Today’s investment from C5 and our pan-continental partnership will strengthen our ability to enable our customers to create secure and stable cloud-based digital services essential to transforming lives on the continent.”

André Pienaar, Managing Director and Founder of C5 Capital, comments: “Following the launch of Cassava Technologies’ state-of-the-art CSOC scheduled for Johannesburg later this year, we see huge growth potential for Cassava Technologies’ cybersecurity business to help to protect African businesses and communities”.

Cassava is present in more than 20 African countries and provides digital solutions to more than one million businesses and Internet access to more than 500 million people in Africa.

“This investment from C5 is part of our plan to raise additional growth capital, while diversifying our investor base. We are delighted that C5 has joined us to help us achieve our vision of a digitally connected future that leaves no African behind,” says Strive Masiyiwa. , founder and executive chairman of Cassava.

Source link