MTN is to acquire South African wireless telecommunications provider Telkom. 2 other stories and a quiz

This list of stories will help you find out about the latest happenings in the tech world today

1. MTN to buy South African wireless telecommunications provider Telkom

Telecommunications giant, MTN Group Ltd., on Friday announced plans to acquire domestic rival, Telkom SA SOC Ltd.

MTN’s announcement comes in a statement, noting that the deal will see the combination of South Africa’s second and third largest telecom operators.

Ripples Nigeria understands that discussions are still ongoing and transactions between the two parties have yet to be authenticated.

According to local media, the deal would require MTN to pay the partially state-owned company in shares or a combination of cash and shares.

“The transaction, if completed, could have a significant effect on the price of the Company’s securities. Accordingly, shareholders are urged to exercise caution when trading in the company’s securities until further announcement is made,” MTN said.

The acquisition should help MTN close the gap behind the biggest mobile operator Vodacom.

Tech Trivia: What does online advertising RPM measure?
A. Revenue per 1,000 impressions
B. Revenue per 1,000,000 impressions
C. Revenue per 1,000 clicks
D. Revenue per 1,000,000 clicks
Answer: see end of post

2. Investment Platform Lightyear Obtains $25M Series A Funding Round

Investment platform Lightyear announced on Friday that it had secured $25 million in a Series A funding round led by Lightspeed Venture Partners.

Also Read: South Africa’s DigsConnect Closes Pre-Series A Extension Round. 2 More Stories and a Quiz

Lightyear co-founder and CEO Martin Sokk confirmed in a statement that Mosaic Ventures, Taavet + Sten and Metaplanet all participated in the round alongside new investor Virgin Group and numerous new and existing angel investors.

Lightyear, according to Sokk, combines multi-currency accounts – where users can add, hold and invest in different currencies – with access to global markets so users can invest.

Martin Sokk and Mihkel Aamer co-founded the UK-based fintech in 2020.

“We got a European license that allows us to launch across the continent and lift one of the biggest Serie A rounds in 2022,” Sokk said.

The company further announced its expansion into 19 European markets, including Ireland, the Baltics, Spain, Germany, Italy, Portugal, the Netherlands and France.

3. Catalyst Fund secures $3.5 million from FSD Africa

A Kenyan technology accelerator, Catalyst Fund, managed by BFA Global, announces that it has obtained $3.5 million from FSD Africa to support African entrepreneurs.

Maelis Carraro, chief executive of Catalyst Fund, confirmed receiving the funding in a press release on Friday.

Ripples Nigeria understood that Catalyst Fund is also backed by the UK Foreign, Commonwealth and Development Office (FCDO), JPMorgan Chase & Co. and PayPal.

Carraro says Catalyst Fund supports early-stage startups that create innovative fintech solutions for the 3 billion underserved people in emerging markets.

Miriam Freeman, Vice President for Global Philanthropy at JPMorgan Chase, expressed JPMorgan Chase’s commitment to helping advance a sustainable and inclusive economy.

“In addition, we are helping to advance community resilience to climate change,” Miriam said.

Quiz answer: revenue per 1,000 impressions

RPM stands for “Revenue Per Mile”. The word “mille” means “thousand” in Latin, so RPM is short for “revenue per 1,000 impressions” in online advertising.

It is similar to CPM but measures revenue from 1,000 ad impressions instead of ad cost.

By Kayode Hamsat

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