JSE-listed technology company Altron has acquired identity security company, Ubusha Technologies in a deal worth R360-million, effective 1 March 2020.
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.
The deal is pending Competition Commission approval.
Identity security is an essential foundation for customers’ digital transformation strategies and governance structures.
“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,” said Altron chief executive Mteto Nyati.
“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 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.
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.