South Africa’s Procera eyes foreign markets with $18.8 million from Vantage Capital

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April 10, 2024
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2 min read
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The news:

  • Procera Group, a South African-based business process outsourcing (BPO) services provider with South African and foreign clients, has reportedly received R346 million ($18.8 million) from Africa-focused fund manager Vantage Capital. 
  • In addition to providing Procera with resources for future acquisitions, the investment will see Vantage Capital acquire a minority stake from the company's founders. 
  • Procera aims to use the new funding and support to take its business services into international markets.

Founded in 1990 as a debt recovery solutions provider, Procera has evolved into an integrated BPO services company that provides support solutions to its customers over the last three decades. 

During this time, Procera has invested in its contact centre software, using emerging technologies such as generative AI, predictive analytics, and omnichannel communications to enhance the customer experience and overall company efficiency. 

The South African BPO company has over 50 local and international blue-chip clients spread across major industries such as retail, financial services, energy, and telecommunications in several countries, including Namibia, the United Kingdom, the United States, and Australia. Procera currently has over 2,700 employees. 

About the new investment, Roshal Ramdenee, Associate Partner at Vantage Capital, stated that the fund manager is excited to partner with Procera's “capable management team” and long-term investors. 

“Vantage sees a tremendous opportunity for both job creation as well as a positive economic impact as Procera continues its rapid international expansion and drives market-leading technological solutions in the BPO space,” Ramdenee noted. 

South Africa currently ranks first among global BPO locations due to several factors, including youth talent, a favourable time zone, and exceptional customer service.

While the projected average annual growth rate for the global BPO market is at 8.5℅ through 2029, the South African market is expected to perform better, reaching 13% CAGR. 

Warren van der Merwe, Managing Partner at Vantage Capital, admitted it's challenging to find fast-growing South African businesses with the capacity to stay competitive in developed markets, especially given the current economic environment. However, he expressed enthusiasm in stakeholders for investing in the company's next phase of growth and development.

On its part, Procera welcomed the long-term support of Vantage along with its expert team of investors as the company aims to grow its business to expand into international markets.Among other advisors, PWC served as financial advisor to the transaction and Werksmans as legal counsel for Vantage.

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