Karooooo CEO Zak Calisto Joins Ranks of South African Billionaires

The tech industry in South Africa has witnessed a remarkable ascension of one of its own, Zak Calisto, into the elite circle of dollar billionaires. The founder and chief executive of Karooooo, a global provider specializing in fleet management, stolen vehicle recovery, and insurance telematics, has seen his wealth catapult to $1.1 billion. This achievement comes after Karooooo’s shares doubled over the past year, lifting the company's market capitalization to an impressive $1.68 billion.

Zak Calisto, who began his journey in 2001 with a mere R100, has demonstrated a phenomenal knack for business and innovation. A substantial 65% of Karooooo’s shares are held directly by him, with an additional 10% under a beneficial agreement providing him strategic voting rights. This strategic hold on the company coupled with a surge in share prices, which recently peaked at R980, substantiates his billionaire status.

Originally established under the name Cartrack, Karooooo has expanded beyond South African borders, currently operating in 23 countries. Starting with a focus on vehicle recovery, the company now provides a broad range of services including tracking, data analytics, and business intelligence solutions. This transformation and its global expansion have been key to its financial success on the stock market.

The transition from Cartrack to Karooooo involved a strategic delisting from Johannesburg Stock Exchange (JSE) and a subsequent listing on Nasdaq, which has proven to be a game-changer for the company. Calisto's unique vision even influenced the unique company name, inspired by his love for the arid South African landscape of the Karoo. However, with the headquarters now in Singapore and a significant focus on Asian markets, Karooooo aims for further expansion and dominance in the tech world.

Calisto's roots trace back to Portugal, moving to Mozambique and then South Africa at a young age. His journey is a testament to resilience and adaptability, having dropped out of a degree in actuarial science due to lack of interest and instead venturing into the harsh terrains of business with initial partnerships and strategic moves with companies like Netstar.

As Karooooo continues to innovate and expand, the road ahead looks promising for Calisto. His approach of leveraging initial agreements with telecom giants like Vodacom and his strategic business maneuvers have not only written his success story but have also positioned Karooooo as a leading name in tech and fleet management globally. This milestone not only elevates Calisto’s personal achievement but significantly marks South Africa’s growing influence in the global tech industry.