Convergance Partners, Nedbank Private Equity, IDC pump R500m into Comsol Fibre Connect

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Investment management firm Convergance Partners this week announced that it, along with Nedbank Private Equity and the IDC, have invested over R500 million in Comsol Fibre Connect.

Billing itself as South Africa’s “first and only nationwide open access high-speed carrier grade data network”, the network will reportedly connect enterprises in both major metros and small towns.

According to a press release sent to Ventureburn, the key advantage of Comsol Fibre Connect is that customers are guaranteed connectivity of a high capacity, uncontended product, underpinned by a carrier grade service level agreement.

The first elements of the network have reportedly been rolled out and are fully operational, with the bulk of the rollout anticipated to be concluded by the end of the year.

In addition to the funding raised for the initial rollout, Comsol expects to reinvest and spend a further R1-billion on existing fibre infrastructure and leased fibre, creating a massive opportunity for existing fibre players in the market.
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Source: Venturburn 30 June 2016