G4S buys South African retail cash tech group

Security firm G4S has announced that it is to acquire the South African retail cash solutions technology provider Deposita.

The UK-listed company will take an 87% stake in Deposita for a total consideration of 114m rand (£8.2m) post debt restructuring.

Deposita, founded in 2004, is the market leader in cash devices and related cash-in-transit, cash processing and insurance for the retail sector, G4S said.

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"The acquisition of Deposita will significantly strengthen G4S's position in the South African retail cash technology marketplace, which is forecast to grow rapidly over the next three years," the company said.

Albert Erasmus, the Managing Director of G4S Cash Solutions South Africa, commented: "This will accelerate our growth via the addition of exciting new capability that will assist the development of the cash business via the provision of more complete end-to-end solutions for our customers".