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Altron lands R360-million deal

By , ITWeb
South Africa , 09 Dec 2019

Altron lands R360-million deal

JSE-listed technology company Altron has acquired identity security company, Ubusha Technologies in a deal worth R360-million, effective 1 March 2020 – pending Competition Commission approval.

A statement released by Altron describes Ubusha (founded in 2003) as "a next-generation IT security services provider enables dynamic authentication and authorisation, identity management and governance and privileged account security for leading local and international banking, financial services, insurance, telecommunications and retail customers."

It adds that Ubusha is the largest identity security company in Africa.

Altron Chief Executive Mteto Nyati said, "By acquiring Ubusha we are enhancing our capability in security, one of our growth areas, others being cloud, IOT and data analytics. With identity security offering we will enable customers to securely manage the identity profile of their clients across devices, platforms and locations. Looking at where we are today, transactions have moved online, and the identity profile of an individual has become valuable driven by privacy concerns. Our customers will now manage identity securely in line with data privacy compliance and governance."

Ubusha managing director Marius Agenbag said, "With the Altron's geographic footprint and extensive customer-base we saw an opportunity to expand our identity security technology solutions into new market and customer segments. We also looked at the opportunity to mature our offering into other next generation security services such as Data Analytics and IOT which are core to the Altron strategy. We are looking forward to being part of the Altron Group."

According to the statement, once integrated into Altron, Ubusha will merge with the company's existing Cybertech to form a stand-alone operating company - Altron Security Solutions.

Ubusha has a 70-strong workforce and its key customers include Standard Bank, Investec, Nasdaq, Nedbank, Absa Bank, First National Bank, Johannesburg Stock Exchange, Vodacom, Telkom, and Massmart.

On 2 December 2019 Altron, via its Rest of Africa (ROA) operations, partnered with Pascal Technologies to provide "a seamless and integrated payment system" for motorcycle public transport services in Rwanda.

In terms of the deal, Altron is supplying the infrastructure comprising of payment terminals, GPS devices and mounting units, while Pascal Technologies is supplying the software application that enables mobile money transfers and tap-and-pay payments.

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