Citi Venture Capital International (CVCI), is going to invest USD25 million into SkyVision Holdings Limited. The investment will be made through a wholly owned subsidiary of the Citigroup Venture Capital International Africa Fund L.P (CVCIAF), a private equity fund advised by Citi Venture Capital International.
SkyVision is a provider of global IP services over satellite and terrestrial fibre optic systems for enterprise, ISP, and carrier class clients in emerging markets. The company has coverage in over 120 countries and currently operates in more than 50 countries around the world, with sales in 2009 estimated to exceed USD80 million. In Africa, Skyvision services the largest and most respected telcos, mobile operators, corporations and public sector clients. In the past five years, the company has achieved growth rates of approximately 50% per year. The company is controlled by Cyphertech and Shamrock, the investment arm of the Roy E. Disney family. Pursuant to the investment, Cyphertech and Shamrock will hold approximately 30 percent each, CVCIAF will hold approximately 23 percent, and the remainder will be held principally by management and employees. Sunil Nair, Managing Director and Head, Central/Eastern Europe, Middle East & Africa, Citi Venture Capital International, mentioned that investment demonstrates CVCI’s commitment to supporting and further strengthening companies with a proven record of success in Africa.
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