Altron acquires identity security firm Ubusha for R360m
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 as well as privileged account security for local and international banking, financial services, insurance, telecommunications and retail customers.
In a statement, Altron claims Ubusha is the largest identity security company in Africa. The deal is pending Competition Commission approval.
The company says identity security is an essential foundation for customers’ digital transformation strategies and governance structures.
Altron chief executive Mteto Nyati says: “By acquiring Ubusha, we are enhancing our capability in security, one of our growth areas, others being cloud, IOT [Internet of things] 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.
“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.”
According to Altron, 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.
Ubusha managing director Marius Agenbag says: “With the Altron’s geographic footprint and extensive customer-base, we saw an opportunity to expand our identity security technology solutions into new market and customer segments.
“We also looked at the opportunity to mature our offering into other next generation security services such as data analytics and IOT which are core to the Altron strategy. We are looking forward to being part of the Altron Group.”
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 established strong partnerships with global identity security leaders to ensure rapid deployment to companies across multiple industries.
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.