Australia’s Potentia Capital, a technology-focused private equity firm, is investing in local mobile messaging platform Soprano Design, per a statement.
The firm has acquired a 25% stake in Soprano Design for $44.9 million, which the communications platform as a service (CPaaS) operator plans to use for driving growth and market expansion, reported AVCJ.
Andrew Gray, founder of Potentia, and Amit Chand, Investment Director, will join Soprano’s board of directors.
“We have tracked the CPaaS sector over a number of years and have been highly impressed by Richard and the broader Soprano management team. We think the company has significant potential and with our proven track record in driving growth and building competitive advantage, we look forward to supporting Soprano continue its leadership position.” said Chand.
Founded in 1994, Soprano provides global connectivity to mobile devices and a portal to manage the delivery of communications. Over 70% of Soprano’s business is conducted outside Australia in Asia, North America, South America, and Europe.
