Technology

South Africa’s R18 billion man

Karooooo founder and chief executive Zak Calisto is closing in on becoming a dollar billionaire after his company’s share price doubled over the last year.

Calisto was born in Portugal but moved to Mozambique with his family when he was two. They later moved to South Africa.

After completing school, he began studying actuarial science at the University of Witwatersrand. However, he later dropped out.

After compulsory military service, he completed an accelerated training programme at Standard Bank. This was when he decided to go into business.

He started as a distributor for Netstar and later helped the company expand into South Africa’s neighbours.

In 2001, he launched Cartrack as a joint venture with Netstar. However, the partnership did not work for Calisto, which prompted him to go on his own.

In 2004, he struck out on his own with Cartrack, a stolen vehicle recovery company in South Africa. Since then, it has grown into a multinational powerhouse.

Cartrack was listed on the JSE in 2014 and delisted in 2021 to launch on the Nasdaq under a holding company, Karooooo.

Today, Karooooo is a global technology powerhouse headquartered in Singapore. It offers tracking, data analytics, and business intelligence.

On Wednesday, 15 January 2025, it posted record quarterly earnings per share and its core business, Cartrack, now has over 2.2 million subscribers.

“We delivered another robust quarter of customer acquisition while we continue to expand our distribution capabilities,” Calisto said. 

Major changes occurred in the past quarter, with the company moving to its newly built central office in South Africa.

“Our investment in Europe over the last few quarters is starting to yield exciting results,” Calisto said.

However, its main growth driver remains Southeast Asia, where the company’s subscription revenue grew by 26% on a constant currency basis.

Calisto close to becoming a dollar billionaire

Zak Calisto
Karooooo CEO Zak Calisto

Karooooo’s excellent performance over the last year saw the company’s share price increase by nearly 100%.

The share price increase helped to drive the company’s market cap to $1.47 billion and significantly increase Calisto’s net wealth.

Calisto owns 64.81% of Karooooo, meaning his net wealth through this shareholding is $953 million, or R17.9 billion.

He retains a firm grip on the company, which is unlikely to change even if the number of issued shares significantly increases.

Calisto owns 20,028,811 shares out of the 30,900,000 ordinary Karooooo shares outstanding, which makes him the majority shareholder.

Another director, Juan Marais, is the beneficial owner of 3,140,000 shares, or 10.16% of Karooooo, through One Spire.

Calisto and One Spire have agreed that if his beneficial ownership falls below 51% of Karooooo, a special situation will kick in.

In such an event, One Spire will cast all votes as directed by Calisto. Simply put, they will vote with Calisto, maintaining his full control over the company.

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