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

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.

- EDWARD WEST

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, successfully completed the acquisitions of 75% of Classic 1027 and 105.7 and Hot 91.9 as Classic Acquisitions. These acquisitions aim to strengthen Labat’s position in the rapidly evolving technology sector, particularly within its blue-chip client base.

“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.