Fonds Cauris Croissance II Limited advised by Cauris Management, the West African fund manager agreed to invest € 5 million in Axxend Corporation (Axxend) to fund the first step of its expansion program.
Axxend operates from its Senegal base, as well as offices in Cote d’Ivoire, Ghana, Guinea Conakry and Cameroon.
Established in 2010, Axxend is a business technology services provider dedicated to using the Microsoft platform and SAP technologies to assist enterprises achieve higher efficiency and profitable growth.
The investment is for the purpose of diversification of Axxend activities. Many opportunities arise in the African landscape, with the development of broadband internet via submarine cables.
Commenting on this new investment, Mr. Alberto Olympio, founder and CEO of Axxend said: « After three years of operations, we have elaborated a development plan articulated in several phases, which require raising additional funds to implement our ambitious projects. Beyond financial support, Axxend needs a partner that could bring value, particularly in terms of governance, process optimization and network, which will further contribute to enhance our performance. Cauris was able to meet our specific needs by creating the necessary alchemy that combines the rigor of its industry and the constraints of our context. For all these reasons, Cauris remains the best choice for Axxend ».
« The partnership with Axxend is the opportunity for Cauris to support a young and fast growing IT company, with a strong leadership and the desire to offer high quality services to the marketplace. In three years of activity, Axxend has earned many awards and a good reputation for its world-class services. Cauris, in line with its investment strategy, aims to support Axxend in the successful implementation of its regional development plan » notes Mr. Noel Yawo Eklo, CEO of Cauris Management.
About Cauris Management
Cauris Management is a private equity fund manager that has been investing in West African SMEs, mainly Francophone for over 15 years. Cauris Management invested in 44 companies and completed 35 exits during that period. The portfolio has included sectors as diverse as agribusiness, financial services, hospitality, telecoms, consumer goods, and downstream oil and gas. Cauris Management operates from Lomé and Abidjan.
