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Mergers and Acquistions News

Categories: Hardware

September 2nd 2008, 17:03PM

Dutch digital security specialist Gemalto has announced it has completed the acquisition of the smartcard division of Keycorp.

Gemalto has paid AUD 25.7 million (£12 million) for the business, which includes Keycorp's Multos brand, together with its assets, trademarks and intellectual property portfolio.

As part of the deal, 40 staff based in the UK and Australia will transfer to Gemalto's Secure Transactions division.

It is hoped that the business unit will see an annual revenue increase of €15 million (£12.2 million) as a result of the transaction.

Olivier Piou, chief executive officer for Gemalto, said the "bolt-on" acquisition would help the company to strengthen its offerings across a range of sectors.

He added: "The turnaround of Secure Transactions has been successfully completed, the segment posted strong results in the first half 2008, and it is now operating on strong foundations, ready to pursue the next opportunities."

In 2006, Gemalto acquired Leigh Mardon Taiwan as part of its bid to strengthen its presence in the Asian banking market.ADNFCR-1833-ID-18760753-ADNFCR

 

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