Vunani Acquires 50% Of Verso Group
Vunani Acquires 50% Of Verso Group. Vunani is pleased to announce that an agreement has been concluded between Vunani Capital (Pty) Ltd, a wholly owned subsidiary of Vunani Limited and Verso Group (Pty) Ltd on Thursday, 29 September 2022 in terms of which Vunani Capital shall subscribe for enough shares to acquire 50% of all ordinary shares in issue of Verso.
The transaction is in line with Vunani’s strategy to expand its financial services activities, particularly in niche markets, both in South Africa and across the continent with a current focus on the South African Development Community countries. The Verso Group is a financial services group of companies rendering financial services through various authorised financial services providers.
Verso specialises in providing a comprehensive wealth management and Section 13B retirement fund administration service, that includes a range of technical services to retirement funds, employee benefit consulting and advice on various employee benefit products. Verso is also the sponsor of its own well-established umbrella fund solution, being Verso Umbrella Retirement Pension & Provident Funds. Besides its predominantly Western Cape based footprint, Verso also has offices and representatives in Pretoria, Johannesburg, Gqeberha and East London.
Verso is a complementary business to Vunani’s institutionally focused business. It forms part of Vunani’s strategy of expanding and diversifying its financial services offering. Verso is an established brand with a proven track record. The transaction has a strategic fit with existing Vunani businesses. Verso’s executive team is highly experienced and skilled. The company has built an in-house technology platform to enhance its fund administration capability. Owning the intellectual property to this system offers the potential to add value added offerings to Vunani’s clients. Verso can take advantage of Vunani’s financial services platform to scale its current business and add additional revenue streams.
