London-based Aconite has acquired Smart Commerce, a New York-based provider of smart card technology to the Canadian and American markets. Financial terms of the deal were not disclosed.
EMV and smart card software vendor Aconite says the acquisition will enable it to target Canadian banks and card-issuers in particular, who are seeking technology partners to meet EMV initiatives. Canada's payments association Interac said earlier this year that the technology required for chip and PIN transactions will be in place by the end of 2006.
Mike Woods, CEO, Aconite says: "The Canadian market is strategic to Aconite's overall business plan of building a global solutions business. The acquisition will strengthen Aconite's capability of supporting our growing number of clients in the region and also accelerate plans to actively develop new business in North and South America."
Mansour Karimzadeh, president of Smart Commerce, will head up the Aconite Americas business as senior vice president.