Autochek acquires majority stake in Egypt’s AutoTager
Autochek, a Nigerian automotive technology company, has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to establish its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos last year. It is also Autochek’s sixth acquisition in two years, expanding its footprint to East, West, and North Africa. The company now has active operations in nine countries, with a partner-led footprint of more than 2,000 dealers and workshop locations. AutoTager, a venture-backed startup, provides Egyptians with access to vetted vehicles and financing options while connecting dealers with buyers and providing technology solutions to improve their operations. Autochek expands into North Africa, acquires Morocco’s KIFAL Auto Egypt is the third-largest economy in Africa and the second-largest passenger car market, making it a strategic market for a car-financing service. In 2021, over 215,000 cars were sold in Egypt, creating thousands of jobs. The country’s strategic position and large population have created a large demand for cars and auto financing solutions. Autochek hopes to leverage its partnership with several banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, said, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.” Autochek acquires CoinAfrique to accelerate expansion across francophone Africa AutoTager’s CEO, Amr Rezk, will still lead the company. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets,” Rezk said.” The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access, allowing us to lead in our space while targeting high-quality top decile returns.”
Read MoreAutochek acquires majority stake in Egypt’s AutoTager
Autochek, a Nigerian automotive technology company, has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to establish its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos last year. It is also Autochek’s sixth acquisition in two years, expanding its footprint to East, West, and North Africa. The company now has active operations in nine countries, with a partner-led footprint of more than 2,000 dealers and workshop locations. AutoTager, a venture-backed startup, provides Egyptians with access to vetted vehicles and financing options while connecting dealers with buyers and providing technology solutions to improve their operations. Autochek expands into North Africa, acquires Morocco’s KIFAL Auto Egypt is the third-largest economy in Africa and the second-largest passenger car market, making it a strategic market for a car-financing service. In 2021, over 215,000 cars were sold in Egypt, creating thousands of jobs. The country’s strategic position and large population have created a large demand for cars and auto financing solutions. Autochek hopes to leverage its partnership with several banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, said, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.” Autochek acquires CoinAfrique to accelerate expansion across francophone Africa AutoTager’s CEO, Amr Rezk, will still lead the company. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets,” Rezk said.” The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access, allowing us to lead in our space while targeting high-quality top decile returns.”
Read MoreAutochek acquires majority stake in Egypt’s AutoTager
Autochek, a Nigerian automotive technology company, has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to establish its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos last year. It is also Autochek’s sixth acquisition in two years, expanding its footprint to East, West, and North Africa. The company now has active operations in nine countries, with a partner-led footprint of more than 2,000 dealers and workshop locations. AutoTager, a venture-backed startup, provides Egyptians with access to vetted vehicles and financing options while connecting dealers with buyers and providing technology solutions to improve their operations. Autochek expands into North Africa, acquires Morocco’s KIFAL Auto Egypt is the third-largest economy in Africa and the second-largest passenger car market, making it a strategic market for a car-financing service. In 2021, over 215,000 cars were sold in Egypt, creating thousands of jobs. The country’s strategic position and large population have created a large demand for cars and auto financing solutions. Autochek hopes to leverage its partnership with several banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, said, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.” Autochek acquires CoinAfrique to accelerate expansion across francophone Africa AutoTager’s CEO, Amr Rezk, will still lead the company. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets,” Rezk said.” The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access, allowing us to lead in our space while targeting high-quality top decile returns.”
Read MoreAutochek acquires majority stake in Egypt’s AutoTager
Autochek, a Nigerian automotive technology company, has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to establish its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos last year. It is also Autochek’s sixth acquisition in two years, expanding its footprint to East, West, and North Africa. The company now has active operations in nine countries, with a partner-led footprint of more than 2,000 dealers and workshop locations. AutoTager, a venture-backed startup, provides Egyptians with access to vetted vehicles and financing options while connecting dealers with buyers and providing technology solutions to improve their operations. Autochek expands into North Africa, acquires Morocco’s KIFAL Auto Egypt is the third-largest economy in Africa and the second-largest passenger car market, making it a strategic market for a car-financing service. In 2021, over 215,000 cars were sold in Egypt, creating thousands of jobs. The country’s strategic position and large population have created a large demand for cars and auto financing solutions. Autochek hopes to leverage its partnership with several banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, said, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.” Autochek acquires CoinAfrique to accelerate expansion across francophone Africa AutoTager’s CEO, Amr Rezk, will still lead the company. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets,” Rezk said.” The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access, allowing us to lead in our space while targeting high-quality top decile returns.”
Read MoreAutochek acquires majority stake in Egypt’s AutoTager
Autochek, a Nigerian automotive technology company, has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to establish its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos last year. It is also Autochek’s sixth acquisition in two years, expanding its footprint to East, West, and North Africa. The company now has active operations in nine countries, with a partner-led footprint of more than 2,000 dealers and workshop locations. AutoTager, a venture-backed startup, provides Egyptians with access to vetted vehicles and financing options while connecting dealers with buyers and providing technology solutions to improve their operations. Autochek expands into North Africa, acquires Morocco’s KIFAL Auto Egypt is the third-largest economy in Africa and the second-largest passenger car market, making it a strategic market for a car-financing service. In 2021, over 215,000 cars were sold in Egypt, creating thousands of jobs. The country’s strategic position and large population have created a large demand for cars and auto financing solutions. Autochek hopes to leverage its partnership with several banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, said, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.” Autochek acquires CoinAfrique to accelerate expansion across francophone Africa AutoTager’s CEO, Amr Rezk, will still lead the company. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets,” Rezk said.” The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access, allowing us to lead in our space while targeting high-quality top decile returns.”
Read More
👨🏿🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More👨🏿🚀 TechCabal Daily – Drivers v ride-hailing companies
Lire en français Read this email in French. 18 APRIL, 2023 IN PARTNERSHIP WITH Good morning It’s been two weeks since the launch of The Super Mario Bros movie and the movie has already grossed $700 million against its $100 million budget. It’s dominating box offices across the globe and is already the most successful film of 2023. Who’s investing in telling African stories via animation? In today’s edition Fluidcoins to remit to investors Nigerian ride-hailing drivers threaten strike SA to spend $44 million on digital skills training Activision Blizzard is okay for acquisition The World Wide Web3 Event: The Annual Film Mischief Opportunities FLUIDCOINS TO REMIT TO INVESTORS Fluidcoins is going to let the money flow to its investors. This week, TechCabal—yes, us—confirmed that investors in the recently-acquired crypto company were offered some portion of their initial investment. Downstream memory lane: In February, Barbados- and Seychelles-registered company Blockfinex acquired a 100% stake in Fluidcoins for an undisclosed amount. At the time, it was unclear whether Fluidcoins—which had raised $180,000 from investors in 2021—had informed its investors about the sale. Now, sources close to the case confirmed that new conversations were held with Fluidcoins and Bitfinex after the sale. It is unclear what the details of those conversations were, but we now know that they involved talks where investors were offered some returns, as opposed to walking away with nothing. We can also confirm that at least one investor accepted the offer. Zoom out: In case you’re wondering, yes, investing in startups is sorta like gambling. The only difference is that investors get to spend years or even decades anticipating a win . While it may seem dire, Fluidcoins’ news is the better alternative for many investors who are now pushing for more founders to keep investors better informed. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. NIGERIAN RIDE-HAILING DRIVERS THREATEN STRIKE Bolt and Uber drivers in Nigeria are taking a strong stance against ride-hailing companies. What’s up? The Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON)—the union for ride-hailing drivers—is threatening to protest against a plot that will see the union’s licence revoked. The first ride-hailing union: In December 2022, Nigeria approved the very first African app-based trade union for drivers. With the approval of the Federal Ministry of Labour, AUATWON can negotiate the terms and conditions of drivers working for app-based ride-hailing companies like Uber and Bolt. This means that these companies can no longer make decisions without consulting the drivers via the Union. Across Africa, drivers of ride-hailing apps have held several strikes and protests after Bolt and Uber implemented harsh changes like increased commission fees and higher penalties. Big tech isn’t happy: The ride-hailing companies aren’t too happy about their inability to drive unilateral decisions. Per AUATWON, these companies are lobbying the Nigerian Ministry of Labour to get the union’s licence revoked. Both Uber and Bolt are proffering the same argument they’ve brought in courts across the world: that their drivers are not employees, but contractors and as such, have no right to protest, unionise, or strike. A long road ahead: This line of reasoning has failed Uber in the UK where a court, in 2021, ruled that its drivers are in fact employees and not contractors. In the US though, an appeal court recently ruled that ride-hailing drivers are contractors. In South Africa and Kenya, Uber is also facing more lawsuits from drivers who clamour against the independent contractor status these ride-hailing companies have ascribed to them. SOUTH AFRICA TO SPEND $44 MILLION ON DIGITAL SKILLS TRAINING South Africa’s president, Cyril Ramaphosa, has announced that the country will spend R800 million ($44 million) on digital skills training for unemployed youth in the country. My Broadband reports that the training package will be provided through the National Skills Fund. A $10 billion pledge: According to the president, this is one of several investments the country’s digital economy has seen in the past five years. Just recently, companies coughed up an R81 billion ($4.4 billion) pledge at the South Africa Investment Conference (SAIC) to boost the country’s tech and digital projects. SAIC has been a money magnet since its inception, pulling in a total of R200 billion ($10.9 billion) for ICT alone! It’s like a digital gold rush, with commitments flowing into the data, telecoms, mining, manufacturing, energy, property, logistics, and even food and beverage sectors. The president wants to enable South Africans to use their skills to take advantage of employment and economic opportunities in the country’s growing digital economy. SA APPROVES $69-BILLION ACQUISITION OF ACTIVISION BLIZZARD South Africa is about to see its biggest tech deal ever. South Africa’s competition regulator, the Competition Commission, has approved Microsoft’s $69 billion acquisition of videogame player Activision Blizzard. Activision’s biggest franchise is Call of Duty, a shooter for PCs and gaming consoles, including Microsoft’s own Xbox and the rival PlayStation from Sony. However, since Microsoft first announced the acquisition last January, it has struggled to convince regulators to approve the transaction. No competition: In South Africa, there was a concern that Microsoft might push out the competition, including Sony and Nintendo, by restricting the game to its own console. But the Competition Commission has determined that the proposed merger is unlikely to result in that, as the merging parties have promised to keep supplying Call of Duty games to other consoles. Although South Africa is its biggest gaming market, it seems unlikely that a decision by South Africa to block the transaction can derail it. This is a small victory for Microsoft, which faces scrutiny from other regulators like the UK’s Competition and Markets Authority, which has launched a detailed probe into the deal. THE WORLD WIDE WEB3 Bitcoin $29,552 – 1.34% Ether $2,086 –
Read More