Oberthur Technologies has entered exclusive negotiations to buy US mobile money specialist MoreMagic Solutions. Financial details have not been disclosed but MoreMagic's major shareholders, including Battery Ventures and Vision Capital, are backing the deal.
MoreMagic claims deployments of its mobile payments technology in more than 30 countries around the world, working with companies such as Barclays, Citi, Orange and Telenor. Oberthur has been building its own presence in the mobile area and recently partnered MoreMagic to win a contract in the Czech Republic.
Xavier Drilhon, CEO, Oberthur, says: "The acquisition of MoreMagic is fully in line with our growth strategy notably in our Solutions business and more specifically in the NFC eco-system. The complementarities between our respective technological bricks and Oberthur Technologies' TSM expertise will perfectly fit the needs of our clients, in both mature and developing countries."