Diebold acquires Cryptera
25 June 2014 | 1484 views | 0
Diebold, Incorporated (DBD) today announced it has reached an agreement to acquire Cryptera A/S, one of the world's leading companies in the research and development of secure payment technologies -- particularly in the field of encrypting PIN pad (EPP) technology.
Cryptera will help expand Diebold's leadership position in automated teller machine (ATM) security solutions and drive future innovation and excellence in the EPP space.
Headquartered in Copenhagen, Denmark, Cryptera was founded in 1985 and has sold more than one million payment solutions globally. It is the top supplier of PIN pads for some of the world's top manufacturers of ATMs, petrol pumps, self-service and self-checkout devices. Under the agreement, Cryptera will operate as a separate business with its own business plans and scope, and will continue to be an original equipment manufacturer (OEM) of EPP solutions for Diebold and its other existing customers globally. Diebold will leverage Cryptera's development and product capabilities to expand its OEM customer base and drive thought leadership in security throughout the self-service industry.
Cryptera employs nearly 80 people, who will join the Diebold family as part of the acquisition. Cryptera is led by president and chief executive officer, Kaj Christiansen, who will remain with the company along with its existing leadership team.
"We're excited to add Cryptera's expertise in PIN pad security to our ATM security portfolio," said Andy W. Mattes, Diebold president and chief executive officer. "We've been a user of Cryptera solutions for more than 10 years, and have always been impressed with their level of sophistication in EPP security and design. Cryptera's people, knowledge and market presence will allow Diebold to better leverage our combined technical capability and further advance the level of innovation for security in self-service settings across the globe."
Kaj Christiansen, Cryptera president and CEO, said, "We are very happy to join the Diebold family and eager to bring our expertise in secure PIN-based payment solutions to the company. Diebold has a long and distinguished history, and we're most excited to contribute to a bright future for both of our organizations. At the same time e it's important that Cryptera will maintain our strategy and mission and we will keep a strong focus to serve our broad range of existing customers."
Financial terms of the acquisition are not being immediately disclosed. The companies anticipate the agreement will close early in the third quarter.