Lucrative cellphone contract reseller deals helped a small South African vehicle tracking company bootstrap into a billion-dollar multinational powerhouse.
When Zak Calisto founded Cartrack in 2001 as a joint venture with Netstar, they generated cash to fund the business through lucrative cellphone contract reseller deals.
Calisto built his reputation in the industry in 1999 when he helped Netstar expand into South Africa’s neighbouring countries.However, this didn’t quite work out as either company had envisaged. As a result, Cartrack went on its own in 2004. Cartrack listed on the JSE in 2014, then delisted in 2021 to relaunch on the Nasdaq under a holding company, Karooooo.
Companies like Lesaka Technologies and Datatec are examples of local companies that did not benefit from Nasdaq listings.
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