South African billionaire Zak Calisto eyes insurance with King Price stake

South African billionaire Zak Calisto, founder and CEO of Karooooo Ltd., is set to acquire a stake in insurance firm King Price, in a transaction recommended for approval by the Competition Commission. 

The proposed deal involves Calisto through his Singapore-registered company, Orient Victoria, and KP Partners, which plans to purchase King Price Financial Services (KPFS) and consultancy firm Porcupine Union. While full details of the arrangement are still emerging, it appears Calisto is entering a joint venture to acquire a share of King Price. 

The Competition Commission confirmed that the ultimate controller of Orient Victoria also oversees Cartrack and its subsidiaries. Cartrack, in turn, is part of Karooooo Ltd., where Calisto holds a controlling stake. Singapore corporate records list Calisto as the sole director of Orient Victoria. 

KP Partners has three directors, including King Price’s CEO, though the ultimate shareholding structure following the deal remains unclear. 

Regulatory approval and market impact 

KPFS is a licensed insurance provider offering both life and non-life insurance, including car coverage—relevant because Cartrack provides vehicle tracking, fleet management, insurance telematics, and related analytics.

Porcupine Union delivers data-driven solutions, using statistics and machine learning for collection optimization and lead generation. 

According to the Commission, neither King Price Financial Services nor Porcupine Union is currently controlled by any of its shareholders. 

“The Commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market,” it stated. “The proposed transaction does not raise public interest concerns.” The Commission recommended that the Competition Tribunal approve the deal without conditions.

Zak Calisto and Cartrack 

Calisto is the largest shareholder of Karooooo, holding 17.9 million shares, or 58%, with an additional 10% through a standing agreement granting him beneficial voting rights.

He became a dollar billionaire in May 2025 during a strong year for the company, though his net worth has since fluctuated now to around $843.8 million after Karooooo’s share price dipped in late 2025.

Calisto began in the telematics industry as a distributor for Netstar, expanding the company into neighboring countries.

In 2001, he attempted a joint venture with Netstar to launch Cartrack, but the partnership dissolved, prompting him to start Cartrack independently in 2004. 

The company expanded quickly, entering Mozambique in 2005 and later adding fleet management products in 2007.

By 2010, Cartrack operated in Spain, Tanzania, Poland, Kenya, Namibia, Portugal, and parts of Southeast Asia.

It was listed on the Johannesburg Stock Exchange in 2014 and later delisted in 2021 to list under Karooooo Ltd. on Nasdaq, reporting more than 1.5 million active subscribers globally at the time.

Cartrack’s growth and global reach 

Karooooo’s latest quarterly results, for the period ending 30 November 2025, show strong growth for Cartrack. Globally, subscribers rose 16% from 2.22 million to 2.57 million, with net additions reaching 111,478, up 29% from the previous year. 

Subscription revenue climbed 20% to R1.24 billion ($77.8 million) from R1.03 billion(64.66 million), while Karooooo’s operating profit increased 14% to R369 million ($23.2 million) up from R325 million ($20.4 million) in the same period last year. 

“Our Q3 performance reflects consistent growth at scale,” Calisto said. “We continued to accelerate subscription revenue while experiencing record net subscriber additions.” 

With Cartrack, Karooooo wholly owned subsidiary, the group now operates in 23 countries across five continents, serving more than 2.6 million users and over 125,000 commercial clients.

In South Africa alone, subscribers grew 15% to 1.94 million, up from 1.68 million the previous year. The company has expanded beyond vehicle recovery to offer real-time mobility data analytics, supporting transportation and logistics solutions globally.