Verod Capital Exits SecureID, Marks Successful Fund III Acquisition and Exit
Verod Capital, a prominent African private equity firm, has recently exited its investment in Nigerian cybersecurity company SecureID. This transaction, facilitated by Verod's third investment fund, marks one of the few acquisitions and exits detailed from this fund.
Verod Capital's activity in the African market has been robust. In 2022, the firm acquired stakes in iFitness and iSon Xperiences, its sixth and seventh deals from its third fund. Earlier, in 2020, Verod fully acquired AXA Mansard Pensions and 45% of APT Pension Fund Managers, merging them to create Tangerine APT Pensions in 2021. Other notable portfolio companies of Verod's Fund III include i-Fitness Centre, DTRT Apparel, ISON Infotel, Medplus, Moniepoint, PAN African Towers, and Prime Pharmacy.
Verod's exit from Lancaster University Ghana campus in July 2023 was another significant move, marking the fourth exit from its second fund. Following Verod's exit, Tangerine APT Pensions' assets under management have grown substantially, from approximately $67 million to over $300 million.
Verod Capital, founded in 2008, has invested in over 40 middle-market high-growth companies across Africa. With over $365 million in assets under management across three funds, the firm is planning to launch its fourth vehicle, focusing on climate solutions and expansion into Francophone West Africa. Verod's partner, Daniel Adeoye, attributes the firm's successful exits to its strategic investment approach and supportive partnerships, as seen in the Tangerine APT Pensions exit.
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