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Prism acquires software developer

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 28 Sept 1999

Soon-to-be-listed Prism Holdings has acquired specialist software developer Contour Technology for a maximum of R23 million to be paid through a combination of cash and shares.

Prism CEO Alvin Els says the deal, which is with effect from 1 July 1999, sees the group consolidate the country`s top technical skills in the field of pre-payment systems for the distribution of electricity and other utilities within Prism Pre-Payment Technologies, a wholly-owned subsidiary of the Prism group.

"In addition, with over 30 years combined engineering experience, Contour Technology`s core skills enhance Prism`s applications of utility pre-payment technologies in the smart card and mobile phone arenas," he adds.

"They also complement Prism`s existing bill payment transaction technologies to provide a comprehensive pre-payment and post-payment offering. Local and provincial government as well as national utility operators require this combination to comprehensively address both their established and emerging customer bases." Durban-based Contour Technology provides embedded software, hardware as well as transaction system technologies expertise with a specific focus on pre-payment transaction technologies encompassing utilities such as electricity and water.

"Contour Technology`s highly qualified engineering team is ideally complementary to the marketing and sales expertise of Utility Vending Systems, a joint venture between Prism and Africa`s largest electricity meter manufacturer, Conlog, as well as the pre-payment cryptographic security expertise of Prism Secure Solutions," Els adds.

"We have effectively formalised the long-standing and close relationship between Prism and Contour which worked together on the development of the security software infrastructure for Eskom`s electricity pre-payment system."

SA has one of the world`s largest installed bases of prepaid electricity consumers with about 2.4 million households receiving electricity through the purchase of tokens which are then fed into special meters installed in their homes. Prism and Contour recently worked together on the development of a new PC-based control system, which enables cross-distributor vending. This will enable prepaid electricity users to obtain tokens from a variety of outlets.

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