Synergy Private Equity Fund (SPEF) has acquired an undisclosed stake in Dimension Data Nigeria and Dimension Data Ghana via the acquisition of the Nigerian and Ghanaian subsidiaries of Dimension Data. 

Dimension Data is a provider of ICT solutions and services to over 6,000 clients around the globe.

Akintoye Akindele, Partner, Synergy Capital Managers, said: “Synergy is pleased to be part of this partnership with Dimension Data. Our deep understanding of the region together with Dimension Data and NTT’s technological capabilities will unlock value to our clients.” 

“This partnership will build on SPEF’s commitment to create a strong regional platform for serving sub-Saharan enterprises with cloud and virtual computing services. Our ability to anticipate and adapt to technological changes has been the drive for this partnership and acquisition,” he added.

In Nigeria and Ghana, Dimension Data focuses on providing IT systems integration services to large enterprises within West Africa. Following a brief transitional period, the acquired companies will commence trading under the new name of Cloud Exchange. 

The companies will however remain the Dimension Data Group’s exclusive partners in both countries. 

Dimension Data will act as technical partner to Cloud Exchange and will continue to provide technology and support to the operating companies.

The acquired businesses will roll out unique virtual computing services with local points of presence across Côte d’Ivoire, Ghana, Liberia, Nigeria, and Sierra Leone.

“It has been an eye opening experience working with Synergy,” said Glad Dibetso, CEO Dimension Data Nigeria. 

“At the beginning of this journey, we set out to look for investors that would add value to the business over and above capital injection. When we met Synergy, their deep understanding of the ICT and adjacent industries was pleasantly surprising,” he said. 

“They took the existing vision and changed it to a level that is inspiring. When we began, we were building a great Systems Integration business but with Synergy, we are building a Cloud business that will offer secure, virtual computing solutions to enterprises in Middle Africa,” he added.

This is the tenth investment by the Fund and third in the West African ICT sector. 

On this deal, PwC Nigeria conducted financial due diligence while legal due diligence and advisory was provided by Orrick Herrington & Sutcliffe, The New Practice and Sefton Fross.