JSE-listed technology company Altron has announced its intention to sell the ATM Hardware and Support Business portion of its Altron Managed Solutions Division to NCR. The NCR Retail Hardware and Support business remains under Altron Managed Solutions.
The sale sees ownership of the business going full circle, as Altron initially acquired the business from NCR Corporation.
Altron Managed Solutions Managing Director, Warren Mande, said: “NCR and Altron have a long relationship, dating back more than 40 years. In this dynamic and highly demanding market, the future for our banking business under a global leader such as NCR, brings direct access to the best global resources and talent, as well as an enhanced range of offerings, services, and solution platforms for our customers. We are pleased to have NCR’s direct presence in South Africa, driving this business to the next level for the benefit of its customers and staff.”
The deal, of which the final amount is yet to be determined, has been capped at $10 million (+-R183 million).
“There is room for global growth as the market for Banking Solutions constantly evolves. As NCR, we are on the cutting-edge of these developments and our global experience and capabilities will augment this acquisition. We see a bright future across Africa and look forward to innovating with customers in South Africa,” said NCR in a statement. “The acquisition will add to our presence in South Africa, increasing the number of offerings available to our customers.”
NCR Corporation is a technology hardware, software, and related services provider to the financial, retail, hospitality, telecommunications, and technology industries. It operates in more than 120 countries with a product offering including digital offerings for banking, restaurants, and retailers, as well as payments processing, multi-vendor connected device services, ATMs, point-of-sale terminals, and self-service technologies.
Altron Group Chief Executive Werner Kapp said: “The sale aligns with Altron’s 2.0 strategy of maintaining its market leadership in low capital intensity businesses. We look forward to our continuing partnership with NCR. We are also proud that NCR and Altron share similar values and our 500 employees’ jobs are protected, and they can look forward to a future of personal growth.”
Kapp said the deal was extremely positive for the South African economy, with a global leader investing in the country.
The deal’s completion is subject to regulatory approval.
