Altron swoops up digital security firm Lawtrust for R245m
JSE-listed Altron has acquired digital signatures services company Lawtrust from Etion for R245 million, subject to Competition Commission approval.
Altron says as online identity management grows in importance, the acquisition of Lawtrust positions it as a single source for digital and security solutions.
Lawtrust is a digital trust services and cyber information security solutions firm, which provides solutions used to verify the authenticity of digital identities and counterparty 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 Etion Group, more than doubling its revenue and profit in recent months.
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.
Commenting on the Lawtrust takeover, Altron Group chief executive Mteto Nyati said: “In 2019, we acquired Ubusha Technologies, a leader in identity management. Ubusha formed the foundation of Altron Security. It has proven to be a great acquisition as customers accelerated their digital transformation due to COVID-19. The acquisition of Lawtrust positions Altron Security as a one-stop-shop for all that is digital and information security.
“Security is one of our key growth areas, in addition to cloud, data and automation. What differentiates Lawtrust is the level of intellectual property they own and an annuity base of 70%. These are key characteristics of the Altron 2.0 strategy.”