Invests in market-leading omni-channel commerce platform
Tritech Media, the technology innovator controlled by the Kirsh family, today announced the acquisition of a 44% holding in leading commerce and payments technology provider Kinektek by its subsidiary Crossgate Technologies, the payments technology company. The remainder of shares in Kinektek are held by the founders. William Kirsh and David de Coning, CEO of Crossgate will join the board of Kinektek. Crossgate has the option to increase its holding in Kinektek to 50.1%.
Kinektek is the provider of a proprietary commerce platform that enables businesses to automate content distribution and transaction processing across multiple channels. Originally focused on transactional self-service terminals, the company’s Convenient Commerce platform has evolved to support mobile and other online channels.
Kinektek has a broad range of custom content including bill payment; purchase of airtime and other prepaid products; redemption of rewards; secure card and wallet loads; credit and debit card dispensing; remittances between Kinektek’s self-service kiosks, mobile and online channels; ticketing; FICA verification and account-opening registration.
Through an off-the-shelf, hosted, white-label platform, clients of Kinektek’s enjoy a quick and low-risk route to automating Kinektek’s core services which is also integrated with their own custom content thereby delivering an increase in transaction volumes, a reduction in operating costs and enhanced customer loyalty.
As a payments technology company Crossgate is focused on providing banks, retailers and other verticals such as mass-transit operators with card products; alternative distribution channels; mobile payment enablement; issuing and processing platforms to manage debit, credit and prepaid programs; and extensive data analytics. It incorporates products and services from best-of-breed global partners to provide a highly differentiated offering. Crossgate is the leading supplier of loyalty and gift cards to all major retailers in South Africa, and secure EMV-standard debit and credit card products to major banks.
William Kirsh founder and CEO of Tritech Media commented: “Crossgate’s Kinektek acquisition is highly complementary to not only Crossgate’s current activities but also several of its innovations which are soon to be launched. We view the opportunity for loyalty solutions as another touchpoint between a corporate and the consumer. Kinektek’s proprietary technology will enable us as South Africa’s only turnkey corporate loyalty solutions provider to deliver an additional channel for loyalty through Kinektek’s commerce platform”.
Based in Cape Town Kinektek is currently operational in South Africa, Namibia and Tanzania. Having processed well over R3 billion’s worth of transactions to date and over 200 000 transactions per month, the platform demonstrated it can support even the largest implementations.
David de Coning, CEO of Crossgate commented: “We are very excited to now have Kinektek as part of our business adding a complementary commerce platform and an attractive new channel for our clients to incorporate into their overall customer-facing plans”.
It is the intention to extend Kinektek’s reach into Africa and further afield internationally through Crossgate’s strategic relationship with global market leader ABCorp, which holds 35% in Crossgate.
Matthew Slaven, founder and CEO of Kinektek commented: “Our platform delivers the simple transactional and content distribution capabilities to businesses that require growth and relevance in our ever-increasingly digital world. We help them overcome difficulties with integration utilising our suite of services, and accordingly, clients can maintain their focus on their products and customers. Crossgate, Tritech Media and ABCorp help position Kinektek as an attractive option for banks and retailers to include in their overall digital channel strategy for content marketing and distribution. The depth and breadth of Tritech Media’s businesses will also create further opportunity for additional synergies. This is great news for us, our clients and their customers”.
25 November 2016
Johannes van Niekerk +27 (82) 921 9110