Softline, the leading company in digital transformation, cloud and cybersecurity services, unveiled a plan to increase its business and investments in Egypt. The company recently held a series of meetings with officials in different sectors and government institutions including the Ministry of Communications and Information, The General Authority for Investments and the Information Technology Industry Development Agency (ITIDA).
During these meetings, representatives from the company and government discussed a wide range of issues including Softline’s targeted investments over the next few years, as the company works to consolidate its presence and investments in Egypt. They also discussed the joint frameworks of cooperation to support Egypt’s national plan for digital transformation, which encompasses various companies and sectors.
The meetings also touched on the company’s plan and strategy to hire recent engineering graduates from Egyptian colleges – especially the technology colleges – and also providing ongoing support through training.
The meetings were attended by Roy Harding, President of Softline International; Atul Ahuja, Softline Senior Vice President for Middle East, Africa and Asia; Engineer Ahmed Nabil, Managing Director of Softline Egypt; and Mohamed Khattab, director of government and education sector at Softline Egypt.
Engineer Ahmed Nabil, the managing director of Softline Egypt commented: “It was an honour to meet with officials and decision makers in Egypt, which is making a great leap forward in terms of its digital transformation and IT. Today we are looking forward to expanding our business in the Middle East by increasing our investments in Egypt, which will also serve as a hub for our business in the region.”
Softline provides digital transformation and cybersecurity services in more than 50 countries and around 95 global cities. Roy Harding, Softline International’s President mentioned: “These meetings have given us a very clear sense of how Softline can support the public and private sectors, and we’re excited to be playing a part in realizing Egypt’s vision for overhauling its digital infrastructure over the next decade.”
Atul Ahuja, Softline Senior Vice President for Middle East, Africa and Asia, commented: “At Softline Egypt, we feel we are at the right time and right place. Softline’s global experience in offering solutions and services for emerging economies would be just right for the growth and transformation Egypt as a country is experiencing”.
The company also contributes to building and managing a safe hybrid infrastructure for its clients. It also provides support and maintenance teams for the required infrastructure to support global digital transformation, cloud services and cybersecurity.
Nabil, asserted that the stable economic situation in Egypt and the continued improvement of the investment environment in Egypt “gives us a confident push to increase our investments in Egypt and support Egypt’s national agenda and the long-term strategic plan of the state to achieve the principles and goals of the sustainable development in all sectors according to Egypt 2030 vision”.
3attar secures seed investment from AUC Angels, UI Investment and Angel Investors
3attar a health-focused tech and e-commerce platform secures seed investment from AUC Angels, UI Investment and individual Angel Investors. Established in 2019, 3attar is a B2C online platform that provides value to its customers through: Online healthy food/products ordering, Delivery services, Diet-consultation programs and Live-coaching programs. Additional subscription and e-payment models.
During the COVID-19 crisis, the company was quick to expand its ‘selection from a few hundred products to +3,000. Rendering it the biggest healthy-shopping destination in Egypt. Its unique name/logo combination expanded to grow into its own private label that generates 20% of the entire business revenue model.
Mohamed Ali, founder/CEO of 3attar said “We aim to become the dominant one-stop shop for the whole health community in Egypt. And expand into MENA regions; including chronic diseases and obesity by providing a holistic healthy lifestyle app.”
The company’s vision is to support the health community that is comprised of At-risk individuals who lack the resources, awareness, products necessary to alleviate their conditions and improve their health (customers suffering from Obesity, Diabetes, Allergies, Hypertension and more). Healthy individuals as well as Athletes, Dieters and Fitness professional. Who maintain and lead a healthy food intake and are constantly seeking a platform that holistically offers all their lifestyle needs.
Eng. Tarek Roushdy, investor and board advisory member of 3attar said: “Since the huge growth in the global “health” community is reaching the MENA region rapidly. 3attar made a smart move to be the first and only platform to serve not only the health community in Egypt and MENA. But also those who want to joint this movement. I am glad to be part of this journey helping them to bring such value to that big market ..”
Mariam Kamel, of AUC Angels said: “The specialized e-commerce space has witnessed increased inflow of angel investments and venture capital this past year. 3attar not only satisfies this, but also strives for impact in addressing the growing trends towards healthier living.”
The investment raised will be utilized to expand the customer-base through marketing acquisition and diversification. Further developing the tech-stack to achieve higher order volume and revenues.
EFG Hermes Closes Sixth Issuance for Premium International for Credit Services in an EGP 170 Million Securitization Transaction
EFG Hermes Mostafa Gad (Image: Supplied)
EFG Hermes’ investment banking division, the leading investment banking franchise in Frontier Emerging Markets (FEM). Announced today that it has successfully closed the sixth issuance, worth EGP 170 million. As part of Premium International for Credit Services’ (Premium) EGP 2 billion securitization program. This transaction marks the first issuance this year, following two transactions last year, as part of the two-year program.
Premium is the originator, assigning a portfolio to EFG Hermes, the securitization special purpose vehicle (SPV), backed by Premium customer credit portfolios. The EGP 170 million bond, which consists of a single 10-month tranche, received a “Prime 1 Rating” for its last five issuances. The strongest amongst Egyptian bond issuances as quoted by Middle East Ratings and Investor Services (MERIS).
Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, commented: “Our partnership with Premium is a reflection of the continued growth of the Egyptian debt capital market space. With the sixth transaction in the program highlighting an increasing utilization of the asset class. The success of this issuance is a testament to our team’s commitment to broadening our capacity for value creation. And expanding our offering to bring together a holistic set of services that incite growth for our partners and clients alike.”
The deal follows the Firm’s back-to-back conclusions of a securitized bond offering worth EGP 627.5 million for Pioneers Properties for Urban Development. And EGP 790 million for EFG Hermes Corp-Solutions’ first issuance, both in December 2021. Both transactions come on the heels of the Firm’s successful advisory on valU’s first securitized bond offering, worth EGP 322.5 million, in September 2021.
EFG Hermes acted as the sole financial advisor, sole transaction manager & book-runner, underwriter, and arranger.
With a current footprint spanning thirteen countries across four continents. EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) started in Egypt and has grown over 37 years of success to become a universal bank in Egypt. With a leading investment banking platform with access to emerging and frontier markets. Drawing on our proven track-record and a diverse team of talented employees. EFG Hermes provide a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire MENA region.
TradeDepot Raises $110 Million To Extend ‘Buy-Now-Pay-Later’ to Retailers Across Africa
TradeDepot, the leading B2B eCommerce and embedded finance platform in Africa, has raised $110 million in an equity and debt funding round. This will support the delivery of Buy-Now-Pay-Later services to 5 million SME retailers and drive further expansion of its merchant platform across the continent.
The Series B equity round was led by the International Finance Corporation (IFC) – a member of the World Bank Group, with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst and existing investors, Partech and MSA Capital. The debt funding was led by Arcadia Funds.
Africa’s SME retailers generate $1 trillion in sales annually and contribute $2.6 trillion to the continent’s nominal GDP, but a fragmented distribution network and lack of access to financing has led to inefficiencies in distribution and many missed opportunities across the value chain. Via its ShopTopUp platform, TradeDepot offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in installments as they sell on to their own customers.
The new funding will expedite the delivery of this service to more retailers, increasing penetration for consumer goods brands and driving prosperity in one of the continent’s most critical sectors. With active operations in 12 cities across Nigeria, Ghana and South Africa, TradeDepot leverages its data, technology and robust logistics operations to connect retailers with suppliers and unlock financing to fund inventory purchases for retailers, enabling increased sales, higher margins and other value-added services for all parties.
Speaking about the new funding, Onyekachi Izukanne, CEO and co-founder of TradeDepot, said, “We remain super focused on making digital commerce and financing both accessible and affordable to neighbourhood retailers across key cities in Africa. We are delighted to be joined by an elite group of new investors and have IFC’s Wale Ayeni and Brian Odhambo of Novastar joining our Board of Directors, to support us on this journey to drive growth and prosperity across the continent.”
TradeDepot has built a network of leading consumer goods brands and SME retailers across Africa, and created a proprietary risk scoring engine that uses retailers’ purchase history, previous repayment performance and other related data points to predict their creditworthiness. This game-changing financing model coupled with industry-leading technology to support logistics operations has led to a 200 percent increase in transaction volumes for retail store owners.
“The informal sector is a large and critical part of Africa’s economy, accounting for around 80 per cent of jobs in the region,” said Makhtar Diop, IFC’s Managing Director. “We are excited to work with TradeDepot to leverage technology to help small businesses across the continent, particularly the many retailers led by women, access the resources they need to grow and scale.”