From University Dropout to Billionaire: The Rise of Cartrack Founder Zak Calisto

After leaving university twice and completing military service, Isaias “Zak” Calisto built one of South Africa’s most successful technology businesses and became a billionaire in the process.

Few South African business success stories are as unconventional as that of Isaias “Zak” Calisto, the founder and chief executive of Karooooo Ltd, the global mobility and telematics company behind Cartrack.

Today, Calisto’s stake in Karooooo is valued at more than R18 billion, making him one of South Africa’s wealthiest technology entrepreneurs. Yet his path to success was anything but straightforward.

Twice a University Dropout

Born in Portugal, Calisto spent only his first two years there before his family relocated to Mozambique and later South Africa.

After finishing school, he enrolled at the University of the Witwatersrand to study actuarial science. However, he left before completing the degree.

He later enrolled at the University of South Africa to study mathematics, but again decided not to finish his studies.

Rather than following a traditional academic route, Calisto entered the workforce after completing compulsory military service.

Learning Business Through Banking

Calisto joined Standard Bank through an accelerated management training programme, where he spent several years developing his business and management skills between 1986 and 1991.

The experience provided valuable exposure to finance, operations and business development that would prove crucial later in his entrepreneurial journey.

Discovering the Vehicle Tracking Industry

His breakthrough came when he entered the vehicle tracking industry and became a distributor for Netstar.

During this period, Calisto helped expand operations into neighbouring African countries and gained first-hand experience in fleet management and vehicle telematics.

Recognising the industry’s potential, he attempted to launch Cartrack as a joint venture with Netstar in 2001.

When the partnership failed to materialise, Calisto chose to pursue the venture independently.

Building Cartrack

Cartrack officially began operating as an independent business in 2004.

The company initially focused on vehicle tracking services but quickly evolved into a comprehensive technology platform offering fleet management, business intelligence, software solutions and data analytics.

Expansion followed rapidly.

By 2005, Cartrack had entered Mozambique before extending its footprint across Europe, Africa and Southeast Asia.

In 2007, the company expanded into fleet management solutions, helping businesses improve efficiency and monitor vehicle operations.

By 2010, Cartrack had introduced software-as-a-service (SaaS) products, transforming the company from a tracking provider into a technology-driven subscription business.

Global Growth and Nasdaq Listing

Between 2010 and 2016, Cartrack expanded into markets including Spain, Poland, Tanzania, Kenya, Namibia, Portugal, the United States and New Zealand.

The company listed on the Johannesburg Stock Exchange in 2014 before later delisting and moving its primary listing to Nasdaq in 2021 under the Karooooo name.

The move reflected its growing international ambitions and global customer base.

Billion-Dollar Success

Karooooo’s market value reached approximately $1.92 billion (around R31.5 billion) in October 2026.

With a reported 58% ownership stake, Calisto’s shareholding is valued at roughly $1.11 billion (about R18.3 billion).

His wealth fluctuates with Karooooo’s share price, but estimates consistently place him among South Africa’s billionaire entrepreneurs.

Strong Financial Performance Continues

The business continues to grow at an impressive pace.

For the quarter ending 31 August 2026:

• Cartrack subscribers increased 18% year-on-year to 2.9 million.
• Total group revenue rose 22% to R1.64 billion.
• Operating profit increased 19% to R422 million.
• Subscription revenue grew 20% to R1.42 billion.
• Delivery-as-a-Service revenue increased 36% to R189 million.

Subscription services now account for approximately 98% of Cartrack’s revenue, highlighting the strength of its recurring income model.

Lessons From Calisto’s Journey

Calisto’s story demonstrates that entrepreneurial success is not always tied to academic qualifications.

After dropping out of university twice, completing military service and working his way through the corporate world, he identified an opportunity in a growing technology sector and built a business with operations across multiple continents.

Today, Cartrack and Karooooo stand as one of South Africa’s most successful global technology companies, and Calisto’s journey serves as a remarkable example of perseverance, adaptability and long-term vision.