FirstRand’s Vumela Enterprise Development Fund has made its 6th investment in online software company, Prefix Technologies, a move which could create over 120 new jobs and enable Prefix to expand in South Africa and other emerging markets.
Prefix Technologies’ web-based platform, Everlytic, is South Africa’s leading email, mobile and social communications platform. They currently have offices in Johannesburg, Cape Town, Durban, Kenya, Argentina and Chile and are online in eight different countries. Similarly to First National Bank (FNB), they strive to do things differently through their product, support system and educating clients and non-clients around the field of digital marketing.
“Our support is based on the belief that emerging businesses have an important role to play in economic growth and job creation. FNB Commercial Banking actively works with investees to ensure these businesses achieve their objective of sustainable growth. We believe that the new investment will better position Prefix Technologies to expand its footprint into new markets in and outside of South Africa,” says Heather Lowe, Head Enterprise Development at FNB.
“This investment is a validation of what Everlytic stands for, which is innovation, the same spirit that saw FNB recognised as the World’s Most Innovative Bank in 2012. So if you look at the two companies and their values, they’re pretty similar. Ultimately it’s all about doing things differently,” says Everlytic’s Digital Marketing Manager, Philani Mdingi.
To meet the requirements of the Vumela Enterprise Development Fund, Prefix Technologies had to undergo a rigorous fund investment process and due diligence, including multiple stages of review and approval.
Richard Rose, Investment Officer at Edge Growth (Fund Managers of Vumela in alliance with FNB), says: “Everlytic represents exactly the type of SME that Vumela was originally set up to invest in. It has the potential for very strong growth and, consequently, the ability to create a lot of much-needed jobs for South Africans. The Vumela team was impressed by the solution, but more importantly by the drive and professionalism of the team behind it. We fully look forward to working with Everlytic to achieve their vision for South Africa and other emerging markets.”
As FNB did and are doing, Everlytic has commissioned themselves to be a cut above the rest. “We believe that we have found the perfect partner that not only enables us financially but shares our vision to make a meaningful difference in the world,” says Walter Penfold, Everlytic’s MD.