{"id":48559,"date":"2026-08-28T10:49:56","date_gmt":"2026-08-28T10:49:56","guid":{"rendered":"https:\/\/conseil-concurrence.ma\/communique-du-conseil-de-la-concurrence-relatif-au-projet-de-concentration-economique-concernant-la-prise-par-le-fonds-dinvestissement-build-up-fund-et-la-societe-africin\/"},"modified":"2026-08-31T10:55:19","modified_gmt":"2026-08-31T10:55:19","slug":"press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric","status":"publish","type":"post","link":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/","title":{"rendered":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund \u201cBuild UP Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d of joint control of the company \u201cNear Secure SA\u201d, alongside the historical shareholders."},"content":{"rendered":"<p>In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201coperation summary\u201d below, containing the information provided by the parties.<\/p>\n<p>This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation.<\/p>\n<p>The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.<\/p>\n<p><strong>Names of the companies and groups concerned:<\/strong><\/p>\n<ul>\n<li><strong>The acquirers:<\/strong><\/li>\n<li>Fund \u201cBuild Up Fund\u201d;<\/li>\n<li>Company \u201cAfricinvest Small Cap Fund LLC\u201d;<\/li>\n<\/ul>\n<ul>\n<li><strong>The target:<\/strong> Company \u201cNear Secure S.A.\u201d.<\/li>\n<\/ul>\n<p><strong>Nature of the operation<\/strong><\/p>\n<ul>\n<li>Joint control acquisition.<\/li>\n<\/ul>\n<p><strong>Economic sectors concerned<\/strong><\/p>\n<ul>\n<li>Cybersecurity services market.<\/li>\n<\/ul>\n<p><strong>Deadline for interested third parties to submit their observations<\/strong><\/p>\n<ul>\n<li>10 days from the date of publication of this press release, i.e. September 9, 2026.<\/li>\n<\/ul>\n<p><strong>NON-CONFIDENTIAL SUMMARY OF THE OPERATION<\/strong><\/p>\n<p>The Competition Council received notification of an economic concentration operation concerning the joint control acquisition of Company \u201cNear Secure SA\u201d by the fund \u201cBuild Up Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d, alongside the historical shareholders, through the acquisition, respectively, of 34.5% and 12.8% of its share capital and associated voting rights.<\/p>\n<p>\u201cBuild Up Fund\u201d is a Moroccan collective investment fund with share capital, registered with the Casablanca Trade Register under No. 715013, headquartered at the corner of Rue Ahmed Charci and Rue Abderrazak, Les Champs d\u2019Anfa D Residence, 2<sup>nd<\/sup> floor, Casablanca. It is authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan companies with high growth potential.<\/p>\n<p>\u201cAfricinvest Small Cap Fund LLC\u201d is a Mauritian company, registered with the Companies Register of Mauritius under number 209207 GBC, with its registered office at 5th Floor, Nexsky Building Eb\u00e8ne Cybercity, 72201, Mauritius. It is a pan-African investment fund dedicated to supporting small and medium-sized enterprises (SMEs) in Africa, including in Morocco, with high growth potential.<\/p>\n<p>\u201cNear Secure SA\u201d is a Moroccan joint stock company, registered with the Rabat Trade Register under number 126741, with its registered office at No. 72 Avenue Hamane Fatwaki, Aviation Mabella District, Youssoufia, Rabat. The company specializes globally and in Morocco in information security audit and consulting (Cybersecurity).<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: right;\">Done in Rabat, August 28, 2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201coperation summary\u201d below, containing the information provided by the parties. This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation. The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented. Names of the companies and groups concerned: The acquirers: Fund \u201cBuild Up Fund\u201d; Company \u201cAfricinvest Small Cap Fund LLC\u201d; The target: Company \u201cNear Secure S.A.\u201d. Nature of the operation Joint control acquisition. Economic sectors concerned Cybersecurity services market. Deadline for interested third parties to submit their observations 10 days from the date of publication of this press release, i.e. September 9, 2026. NON-CONFIDENTIAL SUMMARY OF THE OPERATION The Competition Council received notification of an economic concentration operation concerning the joint control acquisition of Company \u201cNear Secure SA\u201d by the fund \u201cBuild Up Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d, alongside the historical shareholders, through the acquisition, respectively, of 34.5% and 12.8% of its share capital and associated voting rights. \u201cBuild Up Fund\u201d is a Moroccan collective investment fund with share capital, registered with the Casablanca Trade Register under No. 715013, headquartered at the corner of Rue Ahmed Charci and Rue Abderrazak, Les Champs d\u2019Anfa D Residence, 2nd floor, Casablanca. It is authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan companies with high growth potential. \u201cAfricinvest Small Cap Fund LLC\u201d is a Mauritian company, registered with the Companies Register of Mauritius under number 209207 GBC, with its registered office at 5th Floor, Nexsky Building Eb\u00e8ne Cybercity, 72201, Mauritius. It is a pan-African investment fund dedicated to supporting small and medium-sized enterprises (SMEs) in Africa, including in Morocco, with high growth potential. \u201cNear Secure SA\u201d is a Moroccan joint stock company, registered with the Rabat Trade Register under number 126741, with its registered office at No. 72 Avenue Hamane Fatwaki, Aviation Mabella District, Youssoufia, Rabat. The company specializes globally and in Morocco in information security audit and consulting (Cybersecurity). &nbsp; Done in Rabat, August 28, 2026<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[352],"tags":[],"class_list":["post-48559","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund \u201cBuild UP Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d of joint control of the company \u201cNear Secure SA\u201d, alongside the historical shareholders. - Conseil de la concurrence du Maroc<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund \u201cBuild UP Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d of joint control of the company \u201cNear Secure SA\u201d, alongside the historical shareholders. - Conseil de la concurrence du Maroc\" \/>\n<meta property=\"og:description\" content=\"In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201coperation summary\u201d below, containing the information provided by the parties. This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation. The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented. Names of the companies and groups concerned: The acquirers: Fund \u201cBuild Up Fund\u201d; Company \u201cAfricinvest Small Cap Fund LLC\u201d; The target: Company \u201cNear Secure S.A.\u201d. Nature of the operation Joint control acquisition. Economic sectors concerned Cybersecurity services market. Deadline for interested third parties to submit their observations 10 days from the date of publication of this press release, i.e. September 9, 2026. NON-CONFIDENTIAL SUMMARY OF THE OPERATION The Competition Council received notification of an economic concentration operation concerning the joint control acquisition of Company \u201cNear Secure SA\u201d by the fund \u201cBuild Up Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d, alongside the historical shareholders, through the acquisition, respectively, of 34.5% and 12.8% of its share capital and associated voting rights. \u201cBuild Up Fund\u201d is a Moroccan collective investment fund with share capital, registered with the Casablanca Trade Register under No. 715013, headquartered at the corner of Rue Ahmed Charci and Rue Abderrazak, Les Champs d\u2019Anfa D Residence, 2nd floor, Casablanca. It is authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan companies with high growth potential. \u201cAfricinvest Small Cap Fund LLC\u201d is a Mauritian company, registered with the Companies Register of Mauritius under number 209207 GBC, with its registered office at 5th Floor, Nexsky Building Eb\u00e8ne Cybercity, 72201, Mauritius. It is a pan-African investment fund dedicated to supporting small and medium-sized enterprises (SMEs) in Africa, including in Morocco, with high growth potential. \u201cNear Secure SA\u201d is a Moroccan joint stock company, registered with the Rabat Trade Register under number 126741, with its registered office at No. 72 Avenue Hamane Fatwaki, Aviation Mabella District, Youssoufia, Rabat. 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Conseil de la concurrence du Maroc","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/","og_locale":"en_US","og_type":"article","og_title":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund \u201cBuild UP Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d of joint control of the company \u201cNear Secure SA\u201d, alongside the historical shareholders. - Conseil de la concurrence du Maroc","og_description":"In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201coperation summary\u201d below, containing the information provided by the parties. This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation. The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented. Names of the companies and groups concerned: The acquirers: Fund \u201cBuild Up Fund\u201d; Company \u201cAfricinvest Small Cap Fund LLC\u201d; The target: Company \u201cNear Secure S.A.\u201d. Nature of the operation Joint control acquisition. Economic sectors concerned Cybersecurity services market. Deadline for interested third parties to submit their observations 10 days from the date of publication of this press release, i.e. September 9, 2026. NON-CONFIDENTIAL SUMMARY OF THE OPERATION The Competition Council received notification of an economic concentration operation concerning the joint control acquisition of Company \u201cNear Secure SA\u201d by the fund \u201cBuild Up Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d, alongside the historical shareholders, through the acquisition, respectively, of 34.5% and 12.8% of its share capital and associated voting rights. \u201cBuild Up Fund\u201d is a Moroccan collective investment fund with share capital, registered with the Casablanca Trade Register under No. 715013, headquartered at the corner of Rue Ahmed Charci and Rue Abderrazak, Les Champs d\u2019Anfa D Residence, 2nd floor, Casablanca. It is authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan companies with high growth potential. \u201cAfricinvest Small Cap Fund LLC\u201d is a Mauritian company, registered with the Companies Register of Mauritius under number 209207 GBC, with its registered office at 5th Floor, Nexsky Building Eb\u00e8ne Cybercity, 72201, Mauritius. It is a pan-African investment fund dedicated to supporting small and medium-sized enterprises (SMEs) in Africa, including in Morocco, with high growth potential. \u201cNear Secure SA\u201d is a Moroccan joint stock company, registered with the Rabat Trade Register under number 126741, with its registered office at No. 72 Avenue Hamane Fatwaki, Aviation Mabella District, Youssoufia, Rabat. The company specializes globally and in Morocco in information security audit and consulting (Cybersecurity). &nbsp; Done in Rabat, August 28, 2026","og_url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/","og_site_name":"Conseil de la concurrence du Maroc","article_published_time":"2026-08-28T10:49:56+00:00","article_modified_time":"2026-08-31T10:55:19+00:00","author":"Youssef OTMANE","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Youssef OTMANE","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/#article","isPartOf":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/"},"author":{"name":"Youssef OTMANE","@id":"https:\/\/conseil-concurrence.ma\/en\/#\/schema\/person\/03683379dc5edfcb3044e506a05bdf1b"},"headline":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund \u201cBuild UP Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d of joint control of the company \u201cNear Secure SA\u201d, alongside the historical shareholders.","datePublished":"2026-08-28T10:49:56+00:00","dateModified":"2026-08-31T10:55:19+00:00","mainEntityOfPage":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/"},"wordCount":458,"articleSection":["Press Releases"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/","url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-investment-fund-build-up-fund-and-the-company-afric\/","name":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the investment fund \u201cBuild UP Fund\u201d and the company \u201cAfricinvest Small Cap Fund LLC\u201d of joint control of the company \u201cNear Secure SA\u201d, alongside the historical shareholders. - 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