Toyota Tsusho invests Sh305m in Seven Seas Technology
Toyota Tsusho Corporation has acquired a stake in IT firm Seven Seas Technology in a deal worth Sh305 million ($3 million).
The investment has been made by its social contribution-oriented venture development fund for Africa, Toyota Tsusho CSV Africa Pte.
Seven Seas Technology is a leading provider of integrated business and technology solutions, using technology to deliver products that enhance service delivery in both the private and public sectors.
According to the Japanese firm, Seven Seas will use the new capital to fund digitization of medical services.
The IT company recently partnered with GE Healthcare through the Kenya Ministry of Health’s Managed Equipment Services project for the installation and upgrading of medical infrastructure in ninety eight hospitals distributed in the forty seven counties.
The investment will be made over a five year period.
Toyota Tsusho CSV Africa has been increasing its investments in Africa having previously made investments in the leather sector in Ethiopia and Zambia’s agricultural sector.
“IT-based medicine will also make it possible to provide treatment and diagnosis to remote regions,” the fund said in a statement.
According to the Competition Authority, Toyota Tsusho CSV Africa will take 38,852 ordinary shares in Seven Seas Technology.
“Pursuant to the provisions of section 46 (6) (a) (ii) of the Competition Act it is notified for general information of the public that the Competition Authority of Kenya has authorized the proposed subscription for 38,852 ordinary shares in the share capital of Seven Seas Technologies Limited by Toyota Tsusho CSV Africa Private Limited,” the authority said in a gazette notice.