Convergence Partners renews its vows with Dimension Data
Convergence Partners renews its vows with Dimension Data
Convergence Parnters is pleased to announce its re-investment in Dimension Data Middle East & Africa (DDMEA) on the expiry of the original BEE transaction and is proud to have led this landmark empowerment initiative.
Since 2004 Convergence Partners has been invested in DDMEA as lead partner to a wide-ranging black economic empowerment consortium, and as a strategic partner to Dimension Data itself. In December 2010, we acquired a further interest together with Dimension Data on the exit of Safika.
8 years later, Dimension Data announced yesterday that the original BEE ownership structure has come to its original contractual end, but Convergence Partners has elected to remain invested into the future. The transaction itself was a tremendous success, with many thousands of broadbased individuals and concerns benefiting. What is particularly noteworthy is that many of these groups have chosen to remain invested alongside ourselves, providing long-term sustainability to their community programmes.
Andile Ngcaba, who remains Chairman of DDMEA, through Convergence Partners has re-committed to DDMEA by investing his entire stake into the Company.
Our investment in DDMEA is a core and significant holding in the Convergence Partners investment portfolio evidenced by the significant number of initiatives we have undertaken together with the Dimension Data group. These initiatives include:
Our stated and continued aim as Convergence Partners is to develop affordable and high quality broadband solutions for the people of Africa, and the DDMEA business of 2012 is a natural partner for us in these endeavours.
Rather than publishing a dry press release we have chosen to capture the history and background to this strategic and long-term relationship between Dimension Data and Convergence Partners via the following innovative multi-media animation (which has been distributed via multiple alternative channels, both traditional and social):