ENGINEERING NEWS / 17 MAY 2022 - 12.54 / SCHALK BURGER
CREAMER MEDIA SENIOR CONTRIBUTING EDITOR
RMB Ventures invested alongside black-owned investment firm New GX Capital Holding, which acquired a majority stake in Inhance in 2018, and the Inhance management team, which retains its significant shareholding in the business.
“Inhance is well positioned in a rapidly-growing industry, with a strong management team, exceptional record, enviable customer base and very exciting prospects in South Africa and internationally. Inhance’s solutions are also valuable to a number of our existing portfolio companies, and relevant to many prospective companies we continually evaluate as potential investments,” says RMB Ventures transactor Muhammed Moosa.
Inhance was founded in 2010 and works with more than 100 businesses in more than 25 countries in Africa, Europe and the US. The company has grown over 300% in the past three years. It has more than 130 employees, including an industry-leading team of engineers, data scientists and developers.
“The rationale for the transaction is that the introduction of RMB Ventures as a new shareholder will help support our growth strategy. RMB Ventures’ broad commercial expertise and know-how in supporting management teams will help us in our ambitions,” says Inhance CEO and co-founder Ken Osler.
“As part of the wider FirstRand Group, RMB Ventures provides us with growth capital and access to their broad networks,” he says.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER