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Johannesburg - Vunani Technology Ventures, a subsidiary of
Vunani [JSE:VUN] Capital, has been selected by Microsoft SA to work on its R475m equity equivalent empowerment initiative, it said on Wednesday.
The black economic empowerment (BEE) investment is aimed at
developing several majority black-owned software vendors into global software
companies. The group said Vunani is to begin work on a seven-year business
plan for the first four businesses identified as part of Microsoft's BEE
investment.
Vunani Technology Ventures focuses on mid-market software
entrepreneurs, providing them with the necessary advice and capital to
facilitate the next level of growth.
JB Maree, CEO of Vunani Technology Ventures, said: "Our
offering of high-impact advice is ideal to assist Microsoft and other
multinational companies manage innovative enterprise development solutions. The
response to the Microsoft BEE initiative was overwhelming. We believe this is
an important step in the evolution of the SA venture capital model in
supporting black entrepreneurship with SA."
The four firms selected for the Microsoft BEE initiative are involved in healthcare, pre-paid electricity for local government,
consumer and gaming, mobility and IT security.
Through the initiative, Microsoft achieved a Level 2 BEE
rating, making it one of the most empowered information and communications
technology multinationals in South Africa.
Kethan Parbhoo, equity equivalent lead for Microsoft SA,
said: "We are really excited about working with Vunani Technology Ventures
to develop the relevant business and investment plans for each independent
software vendor."
He said it will become a blueprint for its investment in other independent software vendors.
