Safika Investments today announced its involvement in another major empowerment deal with the acquisition of a 25 percent shareholding in TransUnion ITC Receivables Management Company, an administrative and debt collection business.
TransUnion ITC is majority owned by TransUnion LLC, headquartered in Chicago.
Safika Holdings partners with RMB Corvest Ltd in Safika Investments, a high profile empowerment investor, which has participated in a number of BEE private equity deals over the last two years.
TransUnion ITC Receivables handles the administration and collection of debt on an outsourced basis to third-party clients at various stages in the debtor cycle. Its customers include businesses that sell goods on credit, extend credit to their customers or accept cheques as a form of tender. Customer focus over the last few years has been on government and parastatals, large retailers, banks and financial institutions.
?As TransUnion ITC aims to expand further in the debt collection business over the long term, a powerful empowerment partner like Safika Investments is key,? said Vuli Cuba, CEO of Safika Holdings . Cuba noted that Safika Investments was initially attracted to TransUnion ITC because of its extensive knowledge and experience in the risk information arena.
Larry Sive, managing director, TransUnion ITC Receivables Management, added that, ?This partnership aims to allow both entities to extend business opportunities and sophisticated business intelligence solutions to a wide range of blue chip clients.?
?Safika Investments and TransUnion ITC are together better positioned to expand in South Africa because of the TransUnion brand name and its corporate involvement in the market. As a result, we are able to develop more cost-effective solutions for our customers concerning the outsourcing of risk management services,? said Sive.
