Cassava Technologies, a multinational technology company, has pledged to invest R4.5 billion (~$248M) in South Africa through its subsidiaries, Liquid Intelligent Technologies, Africa Data Centres, and Distributed Power Africa.
The investment is expected to be used to expand the Liquid Intelligent Technologies fibre network, extend Africa Data Centres' capacity and footprint, enhance cloud and cybersecurity capacity, and roll out clean, renewable energy by Distributed Power Africa in South Africa.
Cassava Technologies aims to leverage its renewable energy, cloud, and cybersecurity, data centre, and broadband connectivity business units to bring internationally recognized services and products to South Africa.
South Africa's ICT sector, valued at $6.75 billion, is one of Africa's most attractive and growth-bound industries. The country's internet penetration rate has doubled over the last decade, standing at 70%, and its national population coverage for 4G/LTE was at 97.7% in 2021, setting it apart from its peers in sub-Saharan Africa.
Cassava's investments will position South Africa as a desirable investment destination and ensure greater inclusion of all South Africans, in line with the company's vision of a digitally connected future that leaves no African behind.