(2 minutes read)
· A Nigerian digital payments startup, Paga, acquired Apposit,
an Ethiopian based software development company for an undisclosed
amount.
· A year ago, Paga raised US$ 10 million to expand globally and
the takeover of Apposit will enable the Nigerian start up to expand
its operations to Africa and Latin America.
Mergers and acquisitions are happening in Africa, particularly in the
IT space as if the continent is fast catching up with the West and the
emerging economies. The latest is the turn of Paga, a Nigerian
digital payments startup, which acquired Apposit, an Ethiopian based
software development company for an undisclosed amount. Both the
companies are tight lipped about the quantum of transaction and not
revealing details about the future plans.
Paga is on an expansion mode beyond the continent as well. The Lagos
based company is set to launch its payment products in Mexico this
year, besides Ethiopia. It has plans tom expand to other countries in
Africa. A year ago, Paga raised US$ 10 million to expand globally.
The takeover of Apposit will enable the Nigerian start up to expand
its operations to Africa and Latin America. The man behind
Paga-Oviosu-did his MBA from Stanford and worked at Cisco Systems
before returning to Nigeria.
The acquired firm’s (Apposit) CEO Adam Abate has also a similar
background. He moved back to Ethiopia 17 years ago for an assignment
in the country’s Ministry of Finance, after competing his course at
Brown University. He also had worked at a fintech company in New York.
