The Competition Commission (CompComm) has approved JSE-listed technology company Altron’s acquisition of Ubusha Technologies.
Altron acquired the identity security company in December 2019 in a deal worth R360 million.
Altron chief executive Mteto Nyati says: “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.
“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.”
Security is one of Altron’s growth areas and the acquisition will give impetus to the company’s strategy and growth targets, says the company, adding that other growth areas include cloud, IOT and data analytics.
Founded in 2003, Ubusha, as a next-generation IT security services provider, enables dynamic authentication and authorisation, identity management and governance as well as privileged account security for local and international banking, financial services, insurance, telecommunications and retail customers.
According to Altron, 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.