Thebe buys controlling stake in video streaming provider

The value of the acquisition was not disclosed. 

Thebe Investment Corporation, one of South Africa’s oldest black asset managers, has bought a controlling stake in video streaming company Discover Digital.

Established in 2014, Discover Digital is an end-to-end digital media, content and fintech solutions provider.

Discover Digital, which has offices in Kyalami in Johannesburg and in Mauritius, provides digital media services such as video-on-demand (VOD) and TV content. It also provides business-to-business services such as media software development and IT support and has a fintech division that provides payment technologies, including mobile money and an internet payment gateway and billing system.

The technology company, which has been around since 2014, used to be MTN’s video-on-demand provider but started expanding to other markets when that arrangement with the telecoms giant ended in 2017. The local operation, Discover Digital South Africa, now serves SA and Namibia, while the Mauritius-based Discover Digital International services the rest of Africa. 

Thebe, which has concluded the purchase of a 51 percent stake in the local operations of Discover Digital and a 50.1 percent in the Mauritius unit, said the deal put the investment group a step further towards its ambition of becoming a significant player in the development and distribution of locally produced content.

The value of the acquisition was not disclosed. 

Thebe, which has more than R6 billion in assets under management, operates in sectors such as energy, resources and services. In the services division, its media and telecommunications interests include stakes in Kaya FM, Vodacom and Thebe Connect, a wholesaler and retailer of prepaid products such as airtime and electricity.