About Us
Capital Appreciation is focused on investing in and growing businesses that deliver compelling, innovative and disruptive solutions to our Financial Institution and other clients, allowing them to develop and introduce new products, deliver value to their customers, improve efficiency and control, and eliminate unnecessary operating costs.

We provide a platform for growth.
Fintech is a classification used to describe innovative and transformative technologies disrupting traditional banking and financial services.

These changes are extremely evident in the payment sector, affecting, inter alia, relationships between financial institutions and their consumer clients, financial institutions and their corporate retailer clients, retailers and their consumer customers, and among consumers themselves.

There are also increasing requirements for financial institutions to enhance regulatory compliance while simultaneously reducing their costs of delivery.

These are huge market forces, the consequences of which are visible in the economy as a whole. These forces are expected to intensify and the changes they precipitate expected to accelerate.

Traditional financial and banking institutions are rapidly embracing the idea of Fintech recognising that Fintech presents an opportunity to improve efficiency, reduce cost, enhance customer experience and drive revenue and that their businesses are otherwise vulnerable as the digital economy changes customer behaviour.
2015
16 October 2015
Capital Appreciation was the first Special Purpose Acquisition Company ("SPAC") to list on the Main Board of the JSE. Capital Appreciation raised R1 billion through a private placement of shares.
2017
16 February 2017
Capital Appreciation announced its intention to focus its investment activity in the Financial Technology ("FinTech") sector. Capital Appreciation announced the simultaneous acquisition of 100% of 3 companies - African Resonance, Dashpay and Synthesis Software Technologies. Capital Appreciation announced its intention to invest in Resonance Australia and acquire a 17.5% interest.
2017
5 May 2017
Capital Appreciation completed the acquisitions and investment announced in February. Capital Appreciation no longer subject to SPAC regulations.
2017
19 June 2017
Capital Appreciation formally migrated to Software and Computer Services sector on the JSE.
  • Michael Pimstein
    Joint Chief Executive
  • Bradley Sacks
    Joint Chief Executive
  • Alan Salomon
    Chief Financial Officer
  • Bukelwa Bulo
    Independent Director
  • Jacob Meyer Kahn
    Lead Independent Director
  • Dr Daniel (Dan) Matjila
    Non-Executive Director
  • Roshan Morar
    Non-Executive Director
  • Michael (Motty) Sacks
    Non-Executive Chairman
  • Victor Sekese
    Independent Director
  • Charles Valkin
    Independent Director
Since its founding, Capital Appreciation has been focused on Black Economic Empowerment. The profile of its founding shareholders reflects this focus.
  • The Public Investment Corporation (PIC)
    The PIC was established in 1911 and is one of the largest investment managers in Africa today. The PIC invested R250 million in Capital Appreciation at the time of its listing.
  • The Capital Appreciation Empowerment Trust (CAET)
    The CAET is a trust specifically created for the recognition and benefit of black individuals and other historically disadvantaged South Africans. The CAET invested R50 million in Capital Appreciation at the time of its listing.
  • The Capital Appreciation 67 Entrepreneurial Scheme
    As part of the Company's commitment to black economic empowerment, the Company and the Student Support Programme ("SSP"), a non-profit trust, have created the Capital Appreciation 67 Entrepreneurial Scheme (the "Capital Appreciation 67 Scheme"). The motivation behind the Capital Appreciation 67 Scheme is to recognise the achievements of SSP's alumni for their academic excellence by creating an entrepreneurial fund which will be used to fund 67 business ventures to be started and operated by SSP alumni.

    The Capital Appreciation 67 Scheme holds 6 700 000 shares, the purchase of which was financed by ABSA Capital with an interest free, non-recourse loan, repayable in five years.
In addition to these parties, Capital Appreciation is proud to have many other BEE shareholders. Recently (as of 5 May, 2017), Capital Appreciation's aggregate BEE shareholding was determined to be 31.4% on an Economic Interest basis and 39.1% on a Voting Rights basis.

As of 30 June 2017, African Resonance, Capital Appreciation's largest subsidiary, was determined to be a Level 4 Contributor under the newly amended BEE ICT Sector Code. This is an accomplishment of which we are very proud.

Broad-based BEE will continue to be a focus for Capital Appreciation, not only in our shareholding but also in (i) career development and skills training for our team (management and others), (ii) the nature of the products and services our companies deliver (e.g. financial inclusion initiatives), (iii) our own procurement strategies, and (iv) social development and investment initiatives we undertake.