ITWeb gets BEE partner
FMTech reported that ITWeb – the technology media house known for the online publications ITWeb and MyDigitallife and print publications Brainstorm and iWeek – has sold a 25.1% stake to Ummango Investment Holdings.
Ummango Investment Holdings is a woman’s empowerment consortium backed by Tokyo Sexwale’s Mvelaphanda (Mvela).
Mvela also recently concluded a deal with Moneyweb and Vox Telecom, expanding their shareholding in the technology and media space.
Mvela Holdings CEO Mark Willcox is quoted by FMTech as saying that this latest move is in line with its strategy to invest in niche players who dominate their market. “ITWeb leads its market and has a long history of consistently growing revenues and profits”.
“We are acquiring significant empowerment credentials and a long-term, supportive empowerment shareholder, committed to growing the business,” ITWeb CEO Jovan Regasek said in a statement.
“Our empowerment partners are on a mission of redefining the local media space. We feel that we should play a meaningful role in the process and we are happy to be part of the action.”
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