Independent investment benefit corporation and asset manager Meridiam says it has acquired a majority stake in Ilitha, an innovative telecommunications company whose main objective is to provide affordable, unlimited internet solutions to underserved areas in South Africa.
This investment, made through the Meridiam Urban Resilience Fund (TURF) B, will enable Ilitha to accelerate its fibre rollout in South Africa’s township communities, with the aim of connecting more than half a million households. Meridiam says it will draw on founders and existing management to ensure the company’s growth and achieve its ambition.
Ilitha deploys and operates fibre networks and provides prepaid internet access packages in areas that are today neglected by mainstream providers of internet access. Its innovative solutions allow customers to use unlimited broadband internet both at home and on the go, thanks to internet hotspots rolled out in the area, at an affordable cost. Ilitha works closely with each local community in which it operates to deploy its network and offer its services.
Meridian specialises in the development, financing, and long-term management of sustainable public infrastructure in three core sectors: sustainable mobility, critical public services and innovative low carbon solutions.
“With this investment,” Marie Lam Frendo, Meridiam Partner, Chief Strategy Officer, explains, “we aim to play a catalytic role in the nascent but fast-growing internet market in the underserved areas of South Africa. But even more importantly, we expect to contribute to a tangible positive social and economic impact on township communities by providing them with reliable, affordable and fast internet connectivity.”
Vuyani Jarana, Chief Executive Officer and Founder of Ilitha, adds: “Ilitha is not just about bringing internet to these communities, it’s about the ‘over the internet services’, improving access to education, information as well as household security through deployment surveillance cameras linked to the internet.
