JOHANNESBURG - South Africa's Competition Commission has approved Allied Electronics Corporation's (Altron) acquisition of identity security company Ubusha Technologies in a deal worth R360 million.
Altron chief executive Mteto Nyati said the acquisition was the springboard for the creation of a new division, Altron Security, which would allow the company to offer solutions in identity management.
"Identity security is increasingly important for individuals and businesses alike and this unique identity management technology will help our customers manage personal data profiles securely, in line with data privacy compliance and governance laws around the world," Nyati said.
Founded in 2003, Ubusha is the largest identity security company in Africa, with clients including Standard Bank, Investec, Nasdaq, Nedbank, Absa Bank, First National Bank, the Johannesburg Stock Exchange, Vodacom, Telkom and Massmart.
South African listed Altron is invested in telecommunications and information technology, offering ICT services in cybersecurity, software security solutions, business process outsourcing, skills development and secure transactional solutions, among others.
Founded in 1965, Altron has a direct presence in South Africa, the rest of Africa, the United Kingdom and Australia through its various businesses.