Nigerian firm buys local tech company
Owned by Ethiopian-American entrepreneurs, Apposit LLC, a local technology company known to build innovative software’s, has been bought by Paga (Pagatech limited) – a Nigerian based company known to provide an electronic payment system to Nigeria.
Part of an expansion effort around the world, the acquisition is to be used as a spring board to enter the local market. This comes after Paga was able to raise USD 10 million and use it to fund its ambitious “instant go-to-market strategy.”
“Our favorite motto at Paga is, we go farther together as a team, and this is exemplified in our decision to take our trusted business relationship with Apposit one step further and have them fully become part of the Paga family,” said Founder and CEO of Paga, Tayo Oviosu, adding “By doing so, we not only gain a scalable world-class internal engineering team, but we also are in a stronger position to grow our global payments business.”
In the new partnership, Adam Abate, who is currently the CEO of Apposit, an Ethiopian diaspora once based in New York, is expected to retain the position of CEO of Paga Ethiopia. Some of the initiatives of Apposit, Terra – a digital agricultural platform and Tangio – sales force automation platform, are to be integrated under Paga.
“The acquisition of Apposit by Paga is a very natural progression in the close relationship we have enjoyed with Paga over the last 10 years,” said Adam. “We are excited to join forces with Paga at a time where Ethiopia embarks in earnest in its digital transformation.”
Among the local clients of Apposit are BGI, Marie Stopes International, ABT Associates, Ethiopia Commodity Exchange (ECX), dkt International and Zemen Bank among others.
The new arrangement brings the total employment to approximately 530, with Paga contributing 468 people to the total number of employees.