Huge Group buys minority stake in community-app maker Glovent


Huge Group CEO James Herbst

JSE-listed Huge Group, which has been quiet since abandoning its pursuit of now-delisted Adapt IT, said on Monday that it has acquired a stake in Glovent Solutions.

The value of the deal and the exact stake acquired were not disclosed. However, Huge Group CEO James Herbst confirmed to TechCentral that the company has bought a minority stake.

“The acquisition gives us an exciting entry into markets and industries that are key investment focus areas of ours,” said Herbst.

According to Glovent’s website, the company offers a multi-tenant property management solution. Clients include Silver Lakes Golf Estate, Serengeti Estates, Leopard Creek, De Zalze Winelands Golf Estate and Fancourt.

“They are not restricted to high-security residential estates – a Glovent community can be any collective such as a school, a club or a municipality,” Huge Group said.

In fact, the company recently added the Saldanha Bay municipality (SMB), which has bought a white-labelled version of the product. The SBM Smart City App will be launched to the public on 1 July and will allow residents and visitors to interact with the municipality at multiple levels, including booking facilities and reporting service-related issues. They’ll also be able to buy prepaid electricity and apply for Internet services through Internet service providers.

International markets

Tools and services offered by Glovent include a community management system, visitor access system, e-wallet functionality, energy usage and sustainability improvement, utility management, facility management, SOS and emergency response features, and direct access to third-party service providers through application programming interface (API) integration.

Huge will provide access to international equity capital markets to accelerate Glovent’s ambition for expand offshore, said Huge Group chairman Duarte da Silva.

“Glovent represents an exciting digital platform that will appeal to multinational investors hungry for quality fintech assets,” Da Silva said.  – © 2022 NewsCentral Media



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