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Ideco lists on JSE

Southern African biometrics and identity management (IDM) company, Ideco Group started trading on the JSE's AltX market on 30 October, with trade opening at 125 cents and shares trading to a high of 127 cents. Shares were placed, with several South African institutions and a broad base of private investors, with the private placement attracting demand in excess of the placement of 22 million shares.

Ideco distributes Sagem fingerprint products which have gained a dominant position in the public sector due to the strength and scalability of its solutions. The group has successfully implemented IDM solutions in a number of sub-Saharan African countries, including Botswana, Mozambique, Namibia and the Ivory Coast. Ideco's solutions range from civil applications such as national ID documents, drivers' licences and fingerprint bureau services to physical and computer access control. Its founders were instrumental in the supply of a forensic sutomated gingerprint indentification dystem to the South African Police Service (SAPS). On behalf of SAPS, Ideco has recently implemented an automated criminal background checking service, known as AFISwitch. The experience gained from implementing large-scale civil and criminal identification projects positions Ideco as Africa's leader in the design and integration of biometric solutions.

Vhonani Mufamadi and Russell Loubser, CEO, JSE

"We are pleased with our debut on the AltX and the opportunities stemming from our ability to access new equity funding which will enable us to continue our rapid growth path. As the industry matures, we are being presented with opportunities to execute larger contracts which require an increased level of financial commitment and investment in additional resources," explains Vhonani Mufamadi, executive chairman and CEO, Ideco Group. "We have a strong pipeline of opportunities to extend the group's activities in our core areas of competency, which we will continue to pursue in the medium term."

Vhonani Mufamadi

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