Harris Williams & Co has advised Upstream Telecommunications and Software Systems on a significant investment by Actis Capital.
The investment, which was completed on 17 April 2014, was led by technology, media & telecom (TMT) group bankers Thierry Monjauze, Zach Mueller and Sylvain Noblet from Harris Williams & Co.’s London office along with Mike Wilkins from the firm’s San Francisco office.
“Upstream has delivered tremendous growth over recent years, which is testament to the strength of the management team and of the demand fulfillment marketing platform it has developed since its inception in 2001,” says Monjauze.
“Following the investment, Upstream will leverage Actis’ relationships and expertise to expand its customer base and solution suite and drive continued expansion,” says Wilkins.
Upstream specialises in emerging markets mobile monetisation. Upstream works with mobile operators, ecommerce brands and app developers in 40 markets helping them to sell their products to mobile consumers through demand fulfilment marketing campaigns, while increasing customer loyalty and providing customer insights. Its clients include the Vodafone Group, Telecom Italia Mobile (TIM), MTN, T-Mobile and Etisalat.
Upstream has already generated an estimated USD1 billion of incremental revenue for its clients and grew its revenues by 61 per cent in 2013 with new services and markets being added on a monthly basis.
“Actis has a first-class reputation as an emerging market investor. Its track record of partnering with founder and entrepreneur management teams is exceptional,” says Marco Veremis, CEO and founder of Upstream. “Upstream will benefit from Actis’s deep expertise in emerging markets and its highly complementary regional presence. Upstream’s founders and management team are glad to see Actis subscribing to our vision and look forward to a close collaboration in executing our high growth strategic expansion plan for the coming years.”
Veremis has led the business since its foundation and will continue to lead the company after Actis’ investment.
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America. It currently has USD7 billion funds under management.
