Adlevo Capital has partnered with Intel Capital to invest an undisclosed amount into Ghana-based software technology company Rancard Solutions.
The funding will bolster Rancard’s plans to expand its footprint across Africa. The company is looking to tap Africa’s growing demand for data services, particularly in mobile telecommunications where the average revenue per user has been declining.
The deal is Intel Capital’s second on the continent, and follows its 2011 investment in South Africa-based software developer Altech. Intel Capital is the investment arm of global technology giant, Intel, and has $10billion invested across 51 countries.
“Africa is a market with attractive macro economic trends which we believe will unearth great business opportunities for us,” said Arvind Sodhani, president, Intel Capital [pictured]. “With technological developments playing a key role in the region’s economic growth, we are seeking out Africa’s leading technology companies and entrepreneurs as part of our mission to foster technology innovation globally.”
The transaction is Adlevos’ third deal from its maiden Adlevo Capital Africa, closed at the end of last year. The investor believes Rancard is well positioned to bridge the gap between content owners and mobile operators and is poised to benefit from the growth in mobile data services. Yemi Lalude led the transaction for Adlevo Capital, while Intel Capital was represented by Sam Mensah, Intel Capitals’ investment director for sub-Saharan Africa.
Created in 2001, Rancard is a cloud-based mobile software and services provider. The company has developed software that enables telecommunication companies to deliver targeted content to their subscribers. Rancard provides its services over a multi-channel cloud delivery platform, rancardmobility.com Headquartered in Accra, the company also has presence in Nigeria and Mauritius. Rancard is headed by chief executive officer Kofi Dadzie.