Altron gets CompCom approval to acquire cyber security firm Lawtrust
The Competition Commission (CompCom) has approved the acquisition of digital signatures services company Lawtrust from Etion by JSE-listed Altron.
The companies advised shareholders today that the deal has received an affirmative recommendation from the CompCom.
“The parties are awaiting final approval from the Competition Tribunal, which approval is anticipated to contain certain conditions. The acquisition will only become unconditional once the Competition Tribunal approves the same, which approval is expected by the middle of September 2021 with an anticipated effective date of 1 October 2021.”
In April, Altron announced it had acquired digital security firm Lawtrust for R245 million, and the deal was awaiting Competition Commission approval.
Lawtrust is a digital trust services and cyber information security solutions company, which provides solutions used to verify the authenticity of digital identities and counter-party systems in transactions, data encryption, digital signatures, as well as biometrics.
In 2017, Etion, then known as Ansys, bought Lawtrust for R108.5 million, bolstering its cyber security business.
It has been one of the top performers in the Etion Group, more than doubling its revenue.
Lawtrust also expanded its customer base, extending its biometric enrolment and matching platform from government to banking and insurance customers.
It provides services to over 500 customers in the private and public sectors, and is considered one of the leading cyber and information security companies in SA.