The private equity arm of General Electric has taken a US$8m stake in electronic funds transfer (EFT) software company Mosaic Software. Shares in the company will now be held by GE Equity, South Africa's Comparex Holdings and Mosaic Management.
GE Capital Global Consumer Finance is a large Mosaic customer deploying its technology at a number of its world-wide financial services and banking operations. GE Equity has an option to increase its holding over the next three years based on the volume of business the company adds to Mosaic Software’s sales.
Mosaic's Java-based software is used to process high volume consumer transactions across multiple channels including ATMs, POS devices as well as wireless and Internet platforms. The company currently claims over 500 installations in more than 20 countries and has offices in South Africa, United Kingdom, United States and Australia employing over 150 people.
Johann Dreyer, Mosaic Software executive chairman says the company will use the cash injection to accelerate its growth, particularly in terms of its sales and marketing reach.