Altron sells People Solutions business to focus on Altron 2.0 strategy, says Nicholas Bofilatos

The group CFO explains that Altron People Solutions doesn’t fit in the Altron 2.0 strategy of being capital light.

Altron has announced the sale of its Altron People Solutions business, which, according to group CFO Nicholas Bofilatos, demonstrates management’s focus on executing the strategy of Altron 2.0.

“Despite Altron People Solutions being a strong business in its own right, which has a great track record within the industry, the business is no longer aligned with the Altron 2.0 strategy of being capital light, with high annuity revenue and within our identified growth areas of cloud, data, security and custom application development,” says Nicholas.

Altron decided to split the business and sell it to two buyers, both of which it believes are “ideally positioned to provide exciting new growth opportunities in an environment where they can flourish”.

Altron People Solutions’ business process outsourcing and customer experience technology part of the business has been sold to Dubai-based iSON Xperiences, which is looking to expand its African footprint, and the learning solutions part of the business was acquired by South African management consultancy LRMG.

“The learning solutions can now focus on bringing innovative digital training services to the market, while the BPO is now part of a global organisation that brings a more expansive view on customer experiences,” said Altron group CEO Mteto Nyati.

According to Nicholas, the funds of the sale will be allocated towards future identified acquisitions which meet Altron’s defined investment hurdles that are aligned with the Altron 2.0 strategy. “Management continues to explore further unlock opportunities to create shareholder value,” he said.