Toyota Invests $3 Million In Kenyan Tech Firm – Forbes
Toyota Tsusho has reportedly acquired a 9.5% stake in Seven Seas Technology, a Kenyan information technology firm, for $3 million, in a deal that values the company at a little over $30 million.
Toyota Tsusho made the investment through its subsidiary, CSV Africa – a social contribution-oriented venture development fund for Africa. Seven Seas’ founder and CEO Mike Macharia, 41, confirmed the value of the transaction to Reuters.
Macharia owns a 35% stake in the company which is now valued at roughly $11 million.
When he was 25, Macharia, a Kenyan national, founded Seven Seas Technology. The company is now one of East Africa’s most reputable IT services firms. The $28 million (annual sales) company is a leading provider of integrated business and technology solutions across Africa in the telecom, financial, Real Estate, service industry and government. Seven Seas plans to list on the Nairobi Stock Exchange in 2020. Macharia said the investment by Toyota Tsusho will enable it expand its operations in preparation for its initial public offering.
Toyota Tsusho has been doing business in Africa for more than 90 years. Apart from the automotive sector, it also has operations in the energy sector and agricultural industrialization.
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