Vodacom buys stake in IoT.nxt from Talent10 and founders
Telecoms giant Vodacom announced today that it made a significant investment in IoT innovator IoT.nxt after reaching agreement with the major shareholders in the company - the founders, executive team, and investment holding company Talent10 Holdings.
“Talent10 supported the founders of IoT.nxt with the investment for the launch of IoT.nxt in late 2015, as we believed from the start the company had a world-leading solution and innovative approach to Internet of Things technology and strategy. Our investment approach goes beyond a pure funding model. We are actively involved in the companies we select for investment and work with management teams to drive business success. For instance, co-founder and executive director of Talent10 Holdings, Joe Bester, is driving the European expansion of IoT.nxt from the company’s office in The Hague and fellow Talent10 executive Chett Maherry is the Chief Operational Officer at IoT.nxt, supporting its management team. This collaborative strategy has been very successful, driving IoT.nxt’s explosive growth. It now operates in South Africa, Europe and since late last year, in the USA. Vodacom recognised the unique offering in IoT technology and made this investment to allow it to leverage the entire IoT value chain,” says Wayne Fitzjohn, Talent10 Holdings CEO.
“This investment by Vodacom will drive development and expansion into more territories for IoT.nxt and allow the company to further commercialise a number of its vertical solutions to off the shelf products, without slowing down its core development and innovation of its platform,” Fitzjohn says.
Talent10 Holdings was founded by Fitzjohn and Bester with a group of committed investors in 2012, led by former Exxaro CEO and now Talent10 Chairman Sipho Nkosi, and other like-minded individuals, with the firm goal to drive the development of South African business.
Nkosi notes that IoT.nxt’s success confirms that there is a strong culture of entrepreneurship and innovation in South Africa. “New industries are driving business expansion and skills development. It may be off a small base, but I believe that the country will embrace the challenges and opportunities of the 4th industrial revolution successfully. Talent10 will continue to seek opportunities to invest in innovative companies and nurture forward thinking entrepreneurs.”
Following the initial investment Talent10 made a further R100m available for expansion in 2017 which also culminated in the opening of IoT.nxt’s European office in The Hague, The Netherlands. The USA operation has quickly leveraged its position through partnerships with companies like MinimiseUSA and Ensight Energy, for a project delivering energy efficiencies.
Talent 10 Holdings’ other significant investments include Nthibah Pictures, a content production and distribution company set up in 2018. Nthibah’s first feature film, i am All Girls is currently in post-production and is set for global release later this year. The group also invested in Two Oceans Air Conditioning, an industrial HVAC provider with an established record of success at large property developments, including the Cape Town International Convention Centre and large projects in Century City, Cape Town. Two Oceans has also been selected as one of the suppliers for the data centres to be set up in South Africa by global giant Amazon.
ISSUED BY: Talent10 Holdings
For further information please contact:
Daleen van Wyk
Tel: 083 302 0827