Security firm taps changing market

May 2000 News

ABSA Corporate and Singaporean consortium Prime Africa Investment (PAIL) will invest R200m over two years into newly formed security company Secureco, to use a technology focus to tap into SA's competitive market.

Secureco CEO Angus Partridge said: "We believe the security market worldwide is going to be driven by technology."

The group was aiming to be a fully integrated provider of security services and equipment, in contrast to the fragmented nature of the market.

He said this integration, as well as its philosophy of integrity should place Secureco in a position to benefit from the changing market in SA. "We think the government may, in the medium term, look to privatise certain functions of the police force," he said.

The PAIL consortium - a R600m joint venture between Southern African Investments (SAIL) and Cisco, the national auxiliary police force in Singapore - was set up by the investment arm of the Singaporean government, Temasek Holdings. With total net assets worth over $42bn, the listed companies under the Temasek group account for about 27% of Singapore's total market capitalisation.

Cisco is considered one of the world leaders in the security market, with 27 years experience and a number of partnerships throughout Asia. Over the last five years it has reduced its people-delivered services to 50% from 70%.

SAIL chairman and a director of PAIL, Chandra Das, said technology would be used as the main driving force of Secureco's future development.

Director for business development at Cisco, Ranger Wong Kim Wah, said expensive guard systems would be replaced with sophisticated monitoring and alert systems. "This will offer a reliable and more effective alternative which will enhance the management of manpower resources," said Wah.

Services offered will include guarding, cash-in-transit, monitoring and armed response. The turnover of Secureco is estimated at R400m within five years, with growth to come partly from organic expansion of the existing businesses in KwaZulu-Natal, Gauteng and the Western Cape and partly from further acquisitions.

ABSA said the institution had invested in Secureco because it believed the company had the ability to deliver superior returns with security becoming more IT-driven than people-driven.

Partridge said the value of having the investment backing of players such as ABSA, SAIL, Cisco and Temasek was to add to the company's credibility and experience.

Source: Business Day - 15 March 2000

Share this article:
Share via emailShare via LinkedInPrint this page

Further reading:

New hires at iPulse
Issue 7 2020, iPulse Systems , News
iPulse has welcomed two new employees into its ranks. Shai Weil has been appointed as operations director, while Corneli Botha is the new customer sales liaison.

HID Global acquires Access-IS
Issue 7 2020, HID Global , News
HID Global acquires provider of miniaturised reader devices that combine key technologies for mission-critical markets.

Securing digital transformation
Issue 7 2020 , News
Schneider Electric partners with Fortinet to strengthen ability to secure operations across the business lifecycle and unlock the advantages of a secure IIoT.

Suprema integrates with Paxton’s Net2 access control
Issue 7 2020, Suprema , News
Suprema has announced it has integrated its devices with Paxton’s access control system, Net2.

Free cybersecurity courses
Issue 7 2020 , News
Check Point Software partners with Harvard and MIT-founded edX to deliver free online courses to help close the cybersecurity skills gap.

Fidelity partners with Auto & General Insurance
Issue 7 2020, Fidelity Security Group , News
Fidelity Services Group in partnership with Auto & General Insurance has launched Fidelity InSure, a comprehensive vehicle, home, and building insurance offering.

More apps for open camera OS
Issue 7 2020 , News
The App Challenge will result in 21 new apps running on the Security & Safety Things’ camera OS, based on the Android Open Source Project.

Milestone Systems announces Thomas Jensen as new CEO
Issue 7 2020, Milestone Systems , News
Milestone Systems announced that its board of directors has appointed Thomas Jensen as chief executive officer. Jensen will assume the role on October 1, 2020.

Suprema announces its first virtual event
Issue 7 2020, Suprema , News
Suprema will be hosting its first virtual event, Suprema Connect 2020, which is scheduled to take place over one month from September 15.

From the editor's desk: Waiting for PoPI
Issue 7 2020, Technews Publishing , News
A while ago we heard of yet another cyber breach, this time from Experian.