Labat Africa pivots further into technology with R2.5 billion Ubits royalty agreement

Labat says the transaction represents a “significant development that will further enhance growth trajectory”

- EDWARD WEST

LABAT Africa Group, which previously focused on cannabis sector investments, is now pivoting to technology and it has entered into a R2.5 billion royalty distribution agreement with Ubits Technology Solutions.

The management team at Labat said on Wednesday that the transaction represents a “significant development that will further enhance Labat’s growth trajectory in the technology and AI sectors”.

On March 4, Labat said, successfully completed the acquisitions of 75% of Classic 1027 (Classic) and 75% of Ananhu Investments. These acquisitions aim to strengthen Labat’s position in the rapidly evolving technology sector, particularly within AI-led innovation.

“In line with the new journey of Labat, we are excited to announce that Labat has entered into a landmark R2.5bn royalty distribution agreement with one of the leading fintech companies,” Labat’s directors said in a statement.