African payments platform DPO Group acquired for $288M

Offer Gat, DPO Group Co-Founder and Chairman
added: “We are delighted to have worked with Apis Partners in growing DPO Group
into one of the leading pan-African payments companies. We have found Apis’
financial services sector expertise invaluable as we scaled DPO from a regional
player to a truly pan-African platform present in 19 countries and serving both
blue chip and local merchants. Apis supported DPO throughout as we made five
major acquisitions in four years, entered new markets, and launched innovative
new products across the continent. We are looking forward to working with our
new shareholder, Network International, to achieve similar success over the
coming years.”

Matteo Stefanel, Managing Partner and Apis
Co-Founder said: “Eran and Offer are outstanding and visionary entrepreneurs
who have built DPO into a truly world class business in a very short period of
time. They exemplify the type of dynamic management teams Apis looks to invest
in, and we are very proud to have worked with them and to have been part of the
DPO journey. As they embark on the next phase of their journey as part of
Network International, I am confident that Eran, Offer and the rest of the DPO
team will continue leading the way in the African payments sector.”

Udayan Goyal, Managing Partner and Apis
Co-Founder said: “Africa represents one of the fastest growing and most
under-penetrated markets for online payments in the world. Our investment in
DPO Group was recognition of this fact and the company’s subsequent rapid
growth and ultimate acquisition by Network International speaks to the enormous
opportunity within payments across Africa. We believe the combination of DPO
Group with Network International will create tremendous value for both
businesses as they continue to deliver world-class solutions across African

Group will retain its executive team and employees, as it continues to expand
and will drive the payments agenda of the larger group within the African
continent and the Middle East.  The
acquisition will
also see DPO Group’s shareholders and executives become key stakeholders in
Network International. 

The deal is expected to close by the end of 2020, subject to customary closing conditions including regulatory and anti-trust.

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