With the news breaking yesterday that Garmin acquired South African radar startup iKubu, the excitement in SiliconCape can almost be touched. It has been a real privilege being part of the deal team, but here are some of my reasons why this deal is extra-special to me:
- Franz, Nolan and Denho are some of the nicest guys in the ecosystem
- Another proof point that South African technology innovation is world class
- Garmin is setting iKubu up to establish to a research and development centre in Stellenbosch
- One more building block for Stellenbosch as Africa’s innovation capital
- Affirmation of Cape Town as future growth hub for technology and life sciences
- Validation of the impact a Business Accelerator [Grindstone] can make
- Validation that African Accelerators can be viable business models if done right
- Corporates are insourcing innovation worldwide, and SA is ideally positioned
- This is a relatively small scale-up with amazing tech + team. SA has many more of those
- Garmin will leverage this technology to make roads safer for cyclists
- It is the third NASDAQ exit by South African Scale-ups that team Knife Capital has been involved in [CSense > General Electric; Fundamo > Visa; iKubu > Garmin]
- The right partnerships are key for high-growth companies
- Another successful collaboration with US-based transaction advisor: Tim Harned (AGC Partners)
- iKubu means Hippopotamus — an animal that leaves very deep footprints
- Exits happen
- Garmin launches The Bike Light That Keeps You Safe in Traffic
- Time Magazine names the Garmin Varia as one of the top 10 gadgets of 2015
- Everybody wins!
Huge congrats to the iKubu team! May your amazing corporate culture infect Garmin, and the story inspire other entrepreneurs to punch above their weight!
[ Listen to our Moneyweb / SAfm Radio interview with Franz & GecoCam on SA Tech Startups making waves! ]