October 16, 2012 -
Muvoni Technology Group Ltd., which operates under the Ideco brand, has entered into a purchase agreement with ZNG to purchase its intellectual property relating to the software that ZNG has developed to conduct criminal record checks against the South African Police Service database.
Muvoni is currently the exclusive provider of ZNG’s software, and offers the service as one of its biometric technology solutions. Muvoni was approached by ZNG to purchase the solution for approximately US$742,000 instead of paying a monthly royalty fee. The company will pay US$285,820 in cash on the purchase date, and the balance in two equal instalments.
Muvoni is a Johannesburg Stock Exchange traded firm that specializes in customized identity management solutions, and also offers civil applications such as national ID documents, driver’s licenses and automated fingerprint bureau services to physical and computer access control.
The firm has three business units: Ideco Technologies, AFISwitch and Ideco Biometric Security Solutions. Muvoni was responsible for digitizing South Africa’s Department of Home Affairs’ paper-based fingerprint records under its Ideco operating unit. Muvoni is the only firm licensed to install Morpho biometric solutions in Africa.