South Africa’s Capital Appreciation Acquires Responsive Technology Group

South African fintech group Capital Appreciation has expanded its portfolio with acquisition of Responsive Technology group for the purchase price of $3.19 million (R48.68 million). The acquisition includes: Responsive Tech Proprietary (100%), Responsive Digital Proprietary (100%) and Rethink Digital Solutions Proprietary (71%).

Responsive is a digital solutions group that designs and develops digital applications with clients across South Africa, the USA, Europe and the United Kingdom. The group has a proven, 10-year track record of delivering complex digital transformation projects, web and mobile apps, as well as technology products for leading South African and international blue-chip clients. These companies have included Brambles Limited (CHEP), Capitec, Coronation, Experian, MoneyGram, Nedbank and Old Mutual.

The group is passionate about creating user-centric experiences and utilizing best-of-breed technology to expertly develop and launch digital applications. As digital product specialists, Responsive assists its clients in developing fast, secure and scalable applications in the cloud, that get to market quicker, drive results and unlock business value. Its unique approach has led to the Group becoming a preferred supplier amongst financial institutions and has made it a natural fit for the Capital Appreciation.

As part of the transaction, Capital Appreciation will subscribe for 20% of the issued shares in Regal Digital B.V., a related party technology company located in the Netherlands, for a cash investment of Euro 500,000 (c. R8,5 million). Regal Digital is the operating company of Firelava, a consulting services business focusing on Web 3.0 technologies, non-fungible token (NFT) and Blockchain solutions, Google Firebase and cloud specialist services as well as solution architecture consultation. Regal Digital has an 80% shareholding in Flamelink B.V., a ‘software-as-a-service’ 2 (SaaS) solution offering a headless Content Management System (CMS) for Google’s Firebase and is currently the de facto Firebase CMS with the most feature-rich offering in the market.

Bradley Sacks, Joint CEO, Capital Appreciation: “Responsive fits well with Capital Appreciation’s investment philosophy of investing in established, asset-light growth companies that deliver innovative and disruptive FinTech solutions to mainly institutional clients. We also look forward to exploring the potential for synergistic opportunities with existing operating units.”

Andrew McElroy, Marsh Middleton and Brandon Fairweather, Founders and Directors, Responsive: “We are excited to join a group that has such a strong culture of innovation, an extensive client base and a healthy balance sheet from which to expand. We look forward to adding our unique strength to the group to create the best experiences for existing and new clients. We also see synergies in creating web and mobile products that delight users by following a design thinking approach and expertly implementing the best technology solutions.” The Responsive Group will form part of Capital Appreciation’s Software division and report through to Synthesis.    

This article was written by Pie Kamau and initially published at  You can start earning money by becoming our Independent Reporter or Contributor. Contact us at

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