Convergence Partners exits Dimension Data investment
Convergence Partners Investments announced this week that it has exited its investment in Dimension Data, a specialist IT services and solutions company.
In a statement, Convergence Partners, which focuses on the TMT sector in Africa, noted that the term of its investment contract with Dimension Data had come to a close, and that it had decided to pull out. The firm first invested in Dimension Data in 2004.
As a result of the exit, Andile Ngcaba (pictured), Convergence Partners' chairman, has stepped down from the various group boards on which he served, as well as his role as executive chairman of Dimension Data.
Convergence Partners said in its statement:
"The contractual investment term ended in September 2016 and Convergence Partners and Dimension Data negotiated a consensual exit to the investment. Convergence Partners continues to invest in TMT companies across sub-Saharan Africa that it believes will deliver enhanced returns for investors, while underpinning continental development."