Home News Business South African firm buys 21 pc stake in Uganda’s SatNav

South African firm buys 21 pc stake in Uganda’s SatNav

Uganda: Ugandan information technology firm, SatNav East Africa, sold 26 percent stake to South Africa’s MapIT. Vincent Okema, Chief Executive Officer (CEO) of SatNav East Africa, said the deal includes shares worth USD 2.1 million, which will help the firm in its expansion drive in the East African region including South Sudan.

“MapIT will also provide us with all the technical support including improved digital maps across six east African countries,” said Okema.

Digital address codes are special codes that provide precise address information about people’s residences and business. MapIT is a South African IT firm that provides web mapping, mobile mapping, digital mapping services, location based services and location business intelligence across business, financial, fleet and logistics management as well as insurance industries in sub Saharan Africa.

Okema stated the firm has developed digital maps and address codes for the whole region that can be accessed at USD 19.6 and USD 78.5 for business persons while navigation devices go for between USD 235.5 and USD 510.

Etienne Louw, Managing Director, MapIT, said the South African firm is ready to work with SatNav. “With our detailed mapping datasets for Africa, we can assist SatNav East Africa in achieving its business goals,” noted Louw.

Uganda’s presidential advisor on information technology Dr Ham Mulira said the new technology will help the business community locally and internationally to identify their clients.

MapIT is 51 percent owned by Avusa Lt, a media conglomerate quoted on the Johannesburg stock exchange, through New Holland Publishing whereas TomTom Africa Ltted owns the remaining 49 percent.

Source: The East Africa