Why does no-one care about the $288m DPO acquisition?

When Network International acquired leading African payment service provider DPO Group for $288M — an 18.5x revenue multiple - I thought this deal would electrify the fintech space in Africa and cause valuations to surge. In some respects, it did (I hear valuations are on tear). In reality it also didn't really. At least not from my humble vantage point. I reached out to a number of people and they were largely like 'Meh'. It got me thinking about why that was. Any news is good news in this desert-like exit environment, and this deal felt like an earth shaking deal. But it feels this was met with ambivalence, like when Jumia listed, it didn't have any real impact on anything, the constant acquisitions out of South Africa (most if not all of the $100m+ tech acquisitions have come out of SA) continue to feel largely irrelevant to the wider black founder led startups. I know DPO is different in that it is more a PE roll up (they acquired several companies in a consolidation move). I ...

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