Convergence Partners Investments – an investment firm focused on the TMT sector in Africa – has announced that it has exited its investment in specialist IT services and solutions company, Dimension Data.
In a statement on Thursday, the group said that the term of its investment contract with Dimension Data came to an end, and it decided to pull out.
Convergence Partners first invested in Dimension Data in 2004 as part of the latter’s original B-BBEE transaction and remained invested until June 2017.
“The contractual investment term ended in September 2016 and Convergence Partners and Dimension Data negotiated a consensual exit to the investment,” it said.
Convergence Partners said it has now fully exited its shareholding in Dimension Data, and as a result, Convergeance Partners’ chairman, Andile Ngcaba, has stepped down from the various group boards on which he served and as executive chairman of Dimension Data.
“Convergence Partners continues to invest in TMT companies across sub-Saharan Africa that it believes will deliver enhanced returns for investors, while underpinning continental development,” it said.