Cassava Technologies, parent company of Liquid, secures US$310 million in financing and undergoes restructuring
In a significant move, Cassava Technologies, a leading African digital solutions provider, has secured a USD 90 million equity investment and completed a USD 220 million debt refinancing. These financial boosts come at a time when the company was reported to be facing some financial challenges.
The equity investment, which was secured in December 2024, was from investors including the U.S. International Development Finance Corporation, Finnfund, and Google. Simultaneously, a new R4 billion (about USD 220 million) debt facility was provided by Standard Bank, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC). These funds were crucial in maintaining loan covenants and avoiding a potential liquidity crisis.
Despite these efforts, credit rating agencies Fitch and Moody’s downgraded Liquid Telecom’s credit rating due to concerns about restructuring effectiveness and liquidity risks. However, Liquid Intelligent Technologies, a business unit of Cassava Technologies, has shown some operational improvements.
The company's CEO, Deon Geyser, resigned in July 2025 during this period of financial challenge but highlighted improvements in revenue, EBITDA, free cash flow, and customer loyalty, suggesting some positive operational momentum.
Cassava Technologies continues to advance its "One Cassava" strategy, integrating subsidiaries including Liquid Intelligent Technologies to focus on sustainable, profitable growth with commitments to ESG (environmental, social, and governance) standards. This broader organizational repositioning alongside financial restructuring indicates a commitment to a digitally connected future that leaves no African behind.
The platform delivers broadband, data centers, cloud, AI, cybersecurity, and payment services across over 30 markets, enabling the Group to fulfill its vision. The integrated platform of business units, including Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, positions Cassava Technologies as a global technology company of African heritage.
Hardy Pemhiwa, President and Group CEO of Cassava, stated that these achievements strengthen the financial position of the company and are a pivotal milestone that is expected to unlock immense value and catalyze the further expansion of its digital infrastructure and services to bridge the digital divide on the continent.
[1] Source: BusinessTech (2025) [2] Source: MyBroadband (2025) [3] Source: ITWeb (2025) [4] Source: ITWeb (2025)
- The debt refinancing and equity investment obtained by Cassava Technologies, totaling USD 310 million, will be allocated towards maintaining loan covenants and expanding its digital infrastructure, with a focus on data centres and technology.
- As part of its "One Cassava" strategy, Cassava Technologies aims to leverage its integrated platform of business units, including data centres and fintech services, to provide broadband, cloud, AI, cybersecurity, and payment services, thereby fulfilling its vision of a digitally connected Africa.
