Broadband satellite services firm SatADSL has announced the completion of a capital increase that it will use to finance its planned expansion across Africa
The company, which provides in sub-Saharan African customers with satellite Internet access and communications services, said the funds would aid its development over a five-year period. The firm completed the last round of its capital increase against a cash contribution of €1mn (US$1.3mn) by a Belgian private equity investor.
"This is a further step in the direction of making SatADSL a big success," stated SatADSL CEO Thierry Eltges.
"We are delighted to work with such an experienced and committed investor which will motivate us to work even harder to fulfill our ambitious business objectives. This capital increase will provide us with the means to support our growth strategy and to further develop our low-cost multi-service delivery platform for the benefit of our African customers."
The company will aim to use the investment in connecting thousands of branch offices of African companies in sub-Saharan Africa with constant and affordable satellite communications.
"We are proud to help banks and money transfer companies to expand their commercial network of branch offices and to help them providing qualitative financial services to the most remote places," Eltges added.
Watch SatADSL's latest video below...