OUTsurance CEO Willem Roos has resigned to join Stellenbosch-based 4G+ mobile startup, Rain LTE Network, it was announced on Wednesday.
Fin24 reports that Rand Merchant Investment (RMI), which owns the insurance firm, said in a statement that Roos will step down at the end of the year.
“He will retain his shareholding in OUTsurance and remain on the board,” it said.
Roos, together with partner René Otto founded OUTsurance in 1998, today it’s one of the big players in the financial services sector. Last month OUTsurance announced that they were hoping to also disrupt the investment sector with their new offering OUTvest, a retail investment service offering goal based advice and passive investment solutions via a website and an app.
Find out more about the startup where Roos is headed:
1. Rain is building a national broadband network using 4G+ or LTE-Advanced technology. It also offers fixed-wireless 4G+ wireless broadband services through a number of Internet service providers. Its competitors are mobile networks Vodacom and MTN.
2. Roos will take up the position of CEO of Rain Mobile, Rain’s new mobile arm which, according to TechCentral, they plan to launch in “beta” before the end of the year. Earlier this year the company revealed plans to launch a full-service mobile network to consumers.
3. Patrice Motsepe’s financial-services firm, African Rainbow Capital (ARC), announced in June this year that it had acquired 20% of the fixed and mobile data network operator.
4. The Rain LTE-A network already extends across SA’s major centres and metropolitan areas, and currently has 750 active base stations.
According to Rain, they are on target to reach 2 000 sites by the end of the year, and expect to increase their footprint to 5 000 base stations by 2018, and ultimately growing to 10 000 sites over time.
5. Michael Jordaan who serves on the company’s board, in a statement in June this year said they plan to differentiate themselves through their offering.
“The aim is to eventually create an environment where ‘open access’ to the Internet becomes a reality in this country, with the best possible quality and speeds we can deliver, at affordable rates for all,” Jordaan said in the statement.
