Huge Group signs deal to acquire stake in super app maker Glovent
Huge Group has announced an agreement to acquire Glovent Solutions Proprietary Limited by way of a subscription for new ordinary shares of Glovent.
Huge Group says the buy will give it an interest in an exciting global growth opportunity operating in fintech, software and xTech.
“The Acquisition gives us an exciting entry into markets and industries that are key investment focus areas of ours,” says Huge Group director and investment committee principal James Herbst.
“For Huge Group, Glovent is a Global Venture. It has global application and global appeal.”
Glovent offers a Platform as a Service product and has developed a super app that includes its global citizen application.
Glovent offers communities on the app a range of tools and services to help them run more efficiently, including a community management system, vistor access system, e-wallet functionality, utility management, facility management, and SOS and emergency response features.
It also offers direct access to third-party service providers through API integration, including classifieds and deliveries through partnerships with leading retailers.
These services are all embedded in the Glovent Mobile App, which can be white-labelled depending on a community’s requirements.
“The Glovent Mobile App has demonstrated impressive [user] growth and Glovent Community creation through the Glovent Mobile App’s powerful network effect,” said Glovent director Frans-Johan van Dyk.
Frans-Johan van Dyk, Glovent director
At the end of March 2022, Glovent reported managing 160 Glovent Communities.
There are currently more than 80,000 residential properties with more than 78,000 users on the Glovent Mobile App.
Huge Group said it expects this number will double over the next six months and continue growing exponentially.
At least half of the Glovent Citizens use the Glovent Mobile App on a weekly or daily basis.
Glovent Communities include well-known residential estates such as Val de Vie and Pearl Valley, Leopard Creek, Dainfern, Fancourt, and Pecanwood.
Its users are not restricted to high-security residential estates, Huge noted. A Glovent Community can be any collective, including schools, clubs, or a municipality.
Glovent managing director Dederick Venter said Saldanha Bay Municipality recently white-labelled the Glovent Mobile App as the SBM Smart City App, and will launch on 1 July.
“The SBM Smart City App will enable Saldanha Bay Municipality residents, and visitors, to interact with the municipality at multiple levels, including facility bookings, reporting of service-related issues, utility metering, in app shopping, purchasing of prepaid electricity and application for ISP services, effectively putting the municipality in the palm of their hands,” Venter said.
Loading ...