Caricel sold to South Africa-based Involution

12 Feb 2018

Ill-fated Jamaican LTE start-up Caricel has been sold by its parent company Symbiote Investments, to South Africa-based Involution Limited, under a sale agreement negotiated last October. In a statement regarding the transaction, Lowell Lawrence, director and CEO of Caricel, said that the company’s shareholders had chosen Involution because ‘it is a progressive and innovative investor who would be able to provide the best internet experience at reasonable prices’.

TeleGeography notes that Gustav Schoeman, who is listed as the chairman of Involution, currently acts as the CTO for South African LTE-A operator Rain (formerly Wireless Business Solutions, WBS).

Jamaica, Rain (Multisource/WBS), Symbiote Investments (Caricel)