JSE-listed Muvoni Technology Group, which recently changed its name from Ideco, has bought intellectual property relating to software used to check fingerprints against the police database.
Muvoni says the purchase, which will cost it R6.5 million, relates to the intellectual property of the software developed by ZNG. The group is buying the software it currently uses to conduct criminal record checks against the South African Police Service fingerprint database based on its AFISwitch project.
Muvoni is a biometric identity management supplier and provides services, for example, to recruitment companies so that they can verify fingerprints with the police to check whether candidates have criminal records.
Muvoni has three business units: Ideco Technologies, AFISwitch and Ideco Biometric Security Solutions. It digitised the Department of Home Affairs' paper-based fingerprint records when it was still Ideco.
The basis of the acquisition is that Muvoni was approached by ZNG to buy the solution instead of paying a monthly royalty fee. The company will pay R2.5 million in cash on the implementation date, and the balance in two equal instalments.
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