Disposal of a non-core asset unlocks significant economic value Tritech Media, South Africa’s leading media technology group controlled by the Kirsh Family, today announced the disposal of its 45% stake in Crossgate Technologies (Crossgate) to leading fintech company, Crossfin Technologies (Crossfin), and
the introduction of black economic empowerment grouping Randvest with a 30% holding in Crossgate.
Crossgate is the preferred provider of loyalty and gift cards to the major retailers in South Africa. In the last three years it has diversified into secure banking
products, mobile payments and transaction processing and is now a market-leading payments company. The combination with Crossfin enables Crossgate to enhance market share and accelerate its disruptive cashless payment initiatives with solutions to displace higher cost, more risky cash-dominated channels.
Crossgate payments related associates, Kinektek and Tuyu, are included in the transaction.William Kirsh, founder and CEO of Tritech Media commented: “It
became clear that Crossgate with its focus now on payments, is a non-core asset
in our Group. Crossgate has an exciting future with Crossfin that can realise
its potential as perfectly aligned partners. Our exit returns an attractive 25%
of the capital invested by us in the Group since its inception in 2010”.
Tritech Media today comprises 20 companies with operations spanning across South Africa, India, the UK and the USA. Kirsh concluded: “This disposal stems from the consolidation work we’ve been doing in our portfolio over the last two years, that includes dealing with the underperformers, significantly strengthening our management team and notably nurturing the core that have exceptional local and international growth prospects”.