Convergence Partners Expands Its Digital Media Investment Base
Convergence Partners Expands Its Digital Media Investment Base
Convergence Partners increases exposure in digital media market; takes 25.55% stake in South African online gaming business SkillPod Media
9 September 2008 – Convergence Partners Investments, a Black Economic Empowerment investment company focusing on the Technology, Media and Telecommunications sector, today announced that it had taken a 25.55% stake in SkillPod Media (SkillPod), a pioneering South African online casual gaming company.
Established in 2003 by Mark van Diggelen, SkillPod began developing a dynamic proprietary content management system for online games. Over the past five years, the company entrenched itself as a major player in the South African market whilst concentrating on developing world-class supporting systems. A major differentiator for SkillPod is their ownership of the games’ source code that they purchase thereby allowing them to create a turnkey solution for clients including branding and customisation. This has seen them successfully develop games to support marketing campaigns for a number of well-known brands including OUTsurance, KTV and Golf Digest.
The transaction will see SkillPod issue new shares resulting in Convergence Partners owning 25.55% of SkillPod while the existing shareholders, Mark van Diggelen and Brabys Media Holdings, will jointly own the remaining 74.45%. Brabys is a long-established specialist business directory publisher and owner of brabys.com and Ananzi.com.