French security solutions firm Oberthur Technologies (OT) has bought Swiss conditional access firm Kudelski’s payment card unit NagraID Security.
The deal’s financial terms, which are tied to an earn-out-based sales agreement, were not disclosed….
French security solutions firm Oberthur Technologies (OT) has bought Swiss conditional access firm Kudelski’s payment card unit NagraID Security.
The deal’s financial terms, which are tied to an earn-out-based sales agreement, were not disclosed. The companies expect to wrap up the transaction in the coming weeks.
NagraID Security’s powered display cards provide secure access to the cloud, and are mostly used by companies in the financial payments, authentication and identification solutions markets.
OT CEO Didier Lamouche said: “Thanks to the acquisition of NagraID Security’s exclusive powered display card technology, OT is making a significant move on the very competitive payment card market, and in particular helping to reduce fraud for all card non-present transactions.
“Furthermore, the acquisition will enrich OT’s offering to financial institutions. I am very confident that the talented teams of NagraID Security will contribute to our ambitious development strategy.”
The sale comes after Kudelski bought Norway’s conditional access firm Conax in March for around US$226m, expanding its customer portfolio in Asia, Latin America, Eastern Europe and Scandinavia.
That came after a far-reaching restructuring in 2011, which cleared the way to invest in new opportunities in converging digital TV and internet technologies for its Nagra portfolio.
Commenting on the deal with OT, André Kudelski, Kudelski’s CEO, said: “The earn-out-based structure of the sales agreement allows Kudelski Group to share the upside of the display card market, while relying on a strong industrial partner.”
