Buy-and-build credit and information services business, CSH, today announced the acquisition of P:Cubed, a South African marketing service provider, for just under R350-million (US$30-million).
These businesses have taken this step in order to support an enhanced and more efficient credit and marketing services platform offering for their clients.
CSH, the holding company for Compuscan, ScoreSharp and Compuscan Academy is pleased to welcome P:Cubed into the Group. The acquisition is the first development of its kind by the Group since Actis, a pan emerging markets private equity firm, invested alongside the Compuscan management team in CSH in June 2014.
The Group has further strengthened its strategy to become the leading provider of credit bureau, credit risk, marketing and data analytics services in emerging markets.
P:Cubed’s management team has reinvested in CSH and will work together with the current management teams and CSH Chairman Michael Jordaan, former CEO of South Africa’s First National Bank and a leading figure in the African financial services industry. Its natural strategic fit with the existing business will further enhance the CSH credit service offering across South Africa, as well as other African and emerging markets.
Comments Remo Lenisa, CEO, Compuscan: “We are tremendously excited to welcome P:Cubed to CSH. Together, the power of the Compuscan, ScoreSharp and P:Cubed brands gives us the scope to radically enhance our offerings. Working together will mean enhanced value-adding solutions across the platform for all our clients, as well as incredible growth opportunities for the CSH Group.”
Actis Africa Financial Services Lead, Ali Mazanderani, and Actis Director, David Cooke, will work closely with the Group to grow the business. Although this development means new opportunities for all involved, business will continue as usual for those at P:Cubed and no change in management will occur.
Raoul Miller, co-CEO at P:Cubed, says: “At P:Cubed, we are wholly focused on extracting value for our clients and partners for the growth of their consumer portfolios. This partnership, without a doubt, brings together the very best IP, experience and customer focus in the industry. The new group will create opportunities for P:Cubed to further enhance our solutions, and collectively we will deliver an unrivalled service to our valued clients in South Africa, Sub-Saharan Africa and beyond.”
Comments Michael Jordaan, Chairman, CSH: “Together, Compuscan, ScoreSharp, Compuscan Academy and P:Cubed, present a synergy that creates a fantastic opportunity to build one of the largest credit and information services platforms. It is a platform that will offer superior client service and technology that is second to none. I believe that leveraging the strength of these powerful local brands, combined, will present outstanding value and enhanced solutions to clients.”
Today’s announcement occurs at a momentous time as this year marks 20 years since Compuscan’s establishment and 10 years since P:Cubed was founded.
