JSE-listed technology group Altron’s acquisition of Ubusha Technologies for R360 million this week got the green light from the Competition Commission.
In a statement, Altron said security is one of Altron’s growth areas and the acquisition will give impetus to the company’s strategy and growth targets. Other growth areas include cloud, IOT and data analytics.
Altron acquired the identity security company in December 2019.
Founded in 2003, Ubusha, 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.
Ubusha is the largest identity security company in Africa.
“This acquisition was the springboard for the creation of a new division, Altron Security, which will allow us to begin to offer solutions in identity management,” Altron chief executive Mteto Nyati said.
“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.”
Ubusha has established strong partnerships with global identity security leaders to ensure rapid deployment to companies across multiple industries. The company’s key customers include Standard Bank, Investec, Nasdaq, Nedbank, Absa Bank, First National Bank, Johannesburg Stock Exchange, Vodacom, Telkom, and Massmart.