Lesaka Technologies (formerly Net 1 UEPS Technologies) is a South-African financial technology company that is listed on the NASDAQ (Nasdaq: LSAK) and Johannesburg Stock Exchange (JSE: LSK).[2][3]Lesaka’s primary focus is on financial inclusion, offering financial services to previously underserved communities and merchants. [4]
| Nasdaq: LSAK (formerly UEPS and NT1) | |
| Company type | Public |
| Founder | Serge Belamant |
| Headquarters | , |
Key people | Ali Mazanderani, Executive Chairman[1] |
| Website | lesakatech |
The company has managed Botswana and South Africa's social grant payment system up to 2018.[5][6] The company is headquartered in Johannesburg.[7]
History
It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the Securities and Exchange Commission for $8 million.[8] Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.[9]The company became known for products such as EasyPay and Cash Paymaster Services (CPS).[6]
In 2020, Value Capital Partners invested R580 million into the company and began a process of redefining the strategy, appointing a new board and management team, and strengthening the company’s corporate governance.[10][11]
In 2021, the company appointed Chris Meyers as its new CEO.[12]
In 2022, Net1 rebranded as Lesaka Technologies, which coincided with the R3.7 billion acquisition of the Connect Group.[13]
Meyer stepped down as Lesaka’s CEO in 2023.[14]Upon his departure from the company, Ali Mazanderani was appointed as executive chairman and former chairman Kuben Pillay became lead independent director.[14]
Acquisitions
In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.[15] Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.[16] It reached an agreement with MobiKwik, a mobile phone based payment system and digital wallet based in India, in 2016.[17]
Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.[18] In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.[19][20]
In March 2022 Net1's R3.7 billion 100% acquisition of the Connect Group was approved by the South African Competition authorities.[21] The transaction was first announced in November last year, when Net1 signed a definitive agreement to acquire 100% of the Connect Group.[22]
In February 2024 Lesaka announced it was acquiring Touchsides, a platform-as-a-service and software-as-a-service solutions provider to licensed tavern outlets.[23]
In May 2024, Lesaka Technologies acquired Adumo, a payment platform headquartered in Cape Town, for $85 million.[24]
