Altech acquires remaining shares in Altech NuPay for R80 million

Allied Technologies Limited (Altech) today announced that an agreement had been concluded between Altech and Itas Services Proprietary Limited regarding the acquisition by Altech of the remaining 50% less one ordinary share equity interest in Altech NuPay Proprietary Limited (NuPay). The full value of the deal is R80 million.Altech acquired its controlling interest in NuPay, consisting of a 50% plus one share equity interest, in 2009. NuPay forms part of the Altech Card Solutions division of Altech, which is to be integrated with the Bytes Secure Transaction Solutions business, within the Altron TMT sub-group of Altron.  According to Craig Venter, Group Executive Altron TMT / Chief Executive Officer: Altech, NuPay has produced good growth and excellent results since Altechs acquisition of its controlling interest in 2009, and the acquisition of the remaining minority shares will add significant value, particularly in light of the creation of Altron TMT and the amalgamation of the Altech and Bytes Technology Group businesses.The full ownership of Altech NuPay enhances our strategy of becoming a market leader in every sphere in which we operate and delivering significant benefits for our customers. The Altech NuPay business fits well with the Altech Card Solutions and Bytes Healthcare Solutions businesses of Altron TMT and the transaction enables Altron TMT to realise the synergies of its transaction businesses as part of the broader Altron TMT restructure, he said.Exploiting the synergies between our operations and moving customers up the value chain is all part of our growth drive, he added.NuPay developed an electronic payment solution that facilitates deferred payments by swiping customer debit cards at a Point-of-Sale device, essentially providing binding and automated authenticated debit transaction services. This development was the basis on which the current authenticated early debit order (AEDO) system was developed. Altech NuPay has since expanded its product range and specialises in solutions for payment and collection, through a number of products and services that all focus on the collection of transactions from multiple sources.The Purchase Consideration will be settled at Altechs election, in cash or via the issue of Altron participating preference shares, which will be placed on behalf of Itas Services to generate the cash equivalent of the purchase consideration. The settlement of the purchase consideration is not expected to have a significant effect (i.e. less than 3%) on Altrons earnings, headline earnings, adjusted headline earnings and net asset value per share.-ENDS-Notes to Editors:About Altron TMTAltron TMT, incorporating the Altech and Bytes Technology Group businesses, is a high-technology Telecommunications, Multi-media and Information Technology (TMT) solutions group focused on providing value-added products, services and solutions through the convergence of TMT, driven by market demand. With an annual turnover in excess of R17 billion and with more than 8000 employees in more than 20 countries, Altron TMT is the largest, privately owned converged solutions provider on the African continent. The group has on-going access to the latest technologies worldwide, while its own research and development programme actively encourages and promotes internal technology implementation. About Allied Technologies Limited. Allied Technologies Limited (Altech) is a leading South African multi-billion rand group involved in the design, development and convergence of Telecommunications, Multi-media systems and IT solutions.The company focuses on the Telecommunications, Multi-media and Information Technology (TMT) industries and employs more than 3 580 employees in South Africa and abroad.About Altech NuPayAltech NuPay is the leader in managed electronic payment solutions. Altech NuPay offers proven business solutions within the authenticated (terminal based, card present), non-authenticated (card not present) and web-based product space, providing a secure solution for payment collections to all industries. Altech NuPay develops, maintains and markets all its own products and services.For further information please contact:Shenanda Janse van RensburgGroup Executive: Marketing, PR & Communications – Altech Head OfficeTel: +27 11 715 9031Email: sjvrensburg@altech.co.zawww.altech.com