JOHANNESBURG – Listed Allied Electronics Corporation (Altron) has acquired identity security company Ubusha Technologies for R360 million in a move that will enhance its existing capability in the IT security market.
Altron said Ubusha was founded in 2003 and is the largest identity security provider in Africa and provides its clients with identity security solutions for their workforce, suppliers and customers.
“Ubusha combines best of breed software from global industry leaders, together with its core intellectual property and professional and managed services, to provide identity-based security solutions,” the group said.
However, the group said the transaction was subject to regulatory conditions, which include the Competition Commission approval and the passing of resolutions by the respective board of directors of each of the sellers and the purchaser.
Altron chief executive Mteto Nyati said Ubusha would enhance the group’s capability in security, a growth area, others being cloud, internet of things (IoT) and data analytics.