Biometrics and identity management (IDM) company Ideco Group is to list on the JSE`s alternative exchange this month.
The capital raised will be used to fund expansion to satisfy the growing demand for biometric and other IDM products and services, says Ideco.
Says company executive chairman Vhonani Mufamadi: "The skills acquired through the years - coupled with international technology partnerships - have enabled us to stimulate the South African biometrics market and participate in its rapid growth. Listing on AltX will enable us to fund rapid growth and expand our skills base to meet demand, both in SA and internationally."
Mufamadi notes the company has already implemented "substantial solutions" in the fields of national security and e-government.
The company was appointed by the Department of Home Affairs in 2004 to convert 30 million paper-based fingerprint records to a digital format. It also recently received a contract from the South African Police Service to provide criminal background checks to the private sector.
The company is looking to capture a portion of the Southern African Development Community (SADC) IDM market, which it estimates to be worth R12 billion.
Vhonani Mufamadi is the brother of former safety and security minister and current provincial and local government minister, Sydney Mufamadi.
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