• November 2017
    DiGAME takes strategic stake in 10X Investments
  • DiGAME takes strategic stake in 10X Investments
    November 2017

    10X Investments, a South African tech-enabled asset manager, today announced that DiGAME Investment Company, a key investor in leading online education game-changer GetSmarter, had made a strategic investment in 10X alongside existing shareholder Old Mutual Private Equity.

    Announcing a total of US$6.14 million in new funding, 10X said it would use the funds to further expand its retail offering and look at international opportunities.

    10X – which manages more than R8bn for individuals and blue-chip clients such as Virgin Active, General Motors and Deutsche Bank – is shaking up the sector in South Africa in much the same way Vanguard, now the second largest asset manager globally, has done in the U.S.

    Since its inception in 2008, the 10X High Equity portfolio has outperformed the average large fund manager before fees, as published in the Alexander Forbes Large Manager Watch.
    The company uses four core principles – index tracking, low fees, diversification and time-driven portfolios – to deliver competitive, long-term investment returns.

    'A simple online investing process, fees that are typically up to 80% less than the industry, and our award-winning investment strategy means more money for our clients at retirement,' said CEO and founder of 10X Investments, Steven Nathan. 'The new round of funding will allow us to further empower South Africans who want to benefit from 10X’s simple and effective investment strategy.'

    'We are delighted to have the support of our existing investors and to welcome DiGAME on board,' added Nathan.

    Wealth managers have historically operated in a relatively low-tech environment, but millennial customer expectations, growing market competition and more stringent reporting requirements have compelled them to rethink their businesses using technology. In the US alone, the wealth tech sector will have an estimated market size of US$2.2 trillion by 2020, according to FT Partners Research Wealth Tech Report.

    The opportunity to combine technology with proven investment strategies means there has never been a better time to be involved in the fintech sector.
    In South Africa, however, assets managed by index trackers remain a fraction of total assets under management, mainly due to a lack of awareness.

    Samer Salty, a DiGAME board member, said, '10X is already a major player in the South African market, and the opportunity to scale the business, which has proven superior investment returns, is substantial.'

    'Advanced analytical capabilities, quicker response times and improved customisation, all at significantly lower costs than traditional asset managers, means 10X plays to our expertise in technology growth investing as well as demonstrating a clear social benefit,' he added.

    'We are excited to join Steven Nathan and the management team of 10X at this important time and are also pleased to be teaming up with Old Mutual Private Equity and the other shareholders in this investment,' Salty concluded.

  • October 2017
    Rhino Africa wins prestigious award
  • Rhino Africa wins prestigious award
    October 2017

    Rhino Africa's award cabinet is starting to get cramped after being crowned Africa's Leading Safari Company for the fifth year running. The world travel elite touched down in Kigali, Rwanda on Tuesday, 10th October 2017 for the annual World Travel Awards. This event, lauded as the most prestigious in the travel industry's awards programme, sees industry game-changers and powerhouses come together one night a year to celebrate the who's who in the World Travel zoo. The 2017 award has come hot on the heels of Rhino Africa's Gold and Silver taken home from the New Generation Social & Digital Media Awards which took place just days before.

  • July 2017
    2U, Inc. to Acquire GetSmarter
  • 2U, Inc. to Acquire GetSmarter
    July 2017

    LANHAM, Md., USA and CAPE TOWN, South Africa – May 2, 2017 – 2U, Inc. (NASDAQ: TWOU), a leader in partnering with colleges and universities to deliver the world's best digital education, announced today, that it has entered into an agreement to acquire GetSmarter (incorporated as Get Educated International Proprietary Limited), a leader in collaborating with universities to offer premium online short courses to working professionals. Both 2U and GetSmarter focus on delivering high-quality, high-touch digital higher education from world class colleges and universities to unlock a student’s full potential.

    GetSmarter powers engaging online short courses in partnership with some of the world’s most renowned higher education institutions, including the University of Cambridge, Harvard University’s strategic online learning initiative, HarvardX, Massachusetts Institute of Technology (MIT), and Africa’s top three universities, University of Cape Town, University of the Witwatersrand and University of Stellenbosch Business School. It is a high growth business that has served more than 50,000 students since inception with course completion rates that average 88%. GetSmarter’s portfolio includes over 70 short courses offered with its university partners, including Business Sustainability Management from the University of Cambridge’s Institute for Sustainability Leadership, Global Health Delivery from HarvardX, and Healthcare Informatics from the University of Chicago. GetSmarter operates under a revenue share model with its university clients.

    2U will acquire GetSmarter in all-cash transaction for approximately $103 million, subject to certain purchase price adjustments, and an earn-out payment of up to $20 million in cash, subject to achievement of certain financial milestones in calendar years 2017 and 2018. Subject to various closing conditions, the acquisition is expected to close during the third quarter of 2017. The acquisition is expected to strengthen 2U’s position in the approximately $1.9 trillion global higher education market which is expected to grow approximately 8% in 2017, while accelerating two of the company’s key strategic growth initiatives – expanding internationally and into non-degree alternatives.

    “GetSmarter’s pursuit of quality in online education, demonstrated by a uniquely high student course completion rate that averages 88% is truly remarkable and mirrors 2U’s mission to offer the world’s best digital education as defined by our partner students’ outcomes and satisfaction.” said Christopher “Chip” Paucek, CEO and co-founder of 2U. “With GetSmarter, 2U expects to strengthen its position as a leader in digital education. We also expect to accelerate our growth, extend our global footprint and provide a broader suite of services by matching up more students to the right programs at the right time as they further their professional and personal development.”

    “In 2U we have found a partner who makes us stronger. They bring deep experience and access to capital that allows us to pursue stellar growth and stand out student outcomes at scale.” said Sam Paddock, CEO and co-founder of GetSmarter. “We look forward to better serving our University partners and their students across the globe.”

    2U intends to continue to grow its core business of powering online domestic graduate degree programs, a market that continues to provide strong and attractive growth opportunities. Following the closing of the acquisition, GetSmarter will be an independently operating, wholly-owned subsidiary of 2U, based in Cape Town, South Africa. GetSmarter will continue to be operated by its current management team, including its founders, Sam Paddock and Rob Paddock, with GetSmarter co-Founder & CEO, Sam Paddock, remaining as its CEO and reporting to Chip Paucek.

    About 2U, Inc. (NASDAQ:TWOU)

    2U partners with great colleges and universities to build what we believe is the world’s best digital education. Our platform provides a comprehensive fusion of technology, services and data architecture to transform high-quality and rigorous campus-based universities into the best digital versions of themselves. 2U's No Back Row® approach allows qualified students and working professionals around the world to experience a first-rate university education and successful outcomes. To learn more, visit 2U.com.