US digital certification firm GeoTrust has acquired the entire assets of TC TrustCenter, a provider of online authentication technology that was originally set up by four German banks. Financial terms of the deal have not been disclosed.
TC TrustCenter was formed in 1997 by Commerzbank, Deutsche Bank, Dresdner Bank and Bayerische Hypo-und Vereinsbank to deliver PKI-based authentication services for companies trading online.
The business was bought by US-based Betrusted in January 2004.
Massachusetts-based GeoTrust says the acquisition provides it with a strong portfolio of authentication products, a state-of-the-art data centre and 3500 customers across Europe, including UK banking group HBOS.
James McGlynn, head of GT for corporate, HBOS, says digital certificates, stored on smart cards, have become the standard for ensuring safe Internet and online banking transactions throughout Europe. "With over 40,000 smart cards in use among our largest customers, this is an extremely important capability," he says.
Neal Creighton, CEO of GeoTrust, comments: "TC TrustCenter has been at the forefront of smart card technology for digital authentication - a technology that enhances GeoTrust's digital certificate solutions and provides us with an expanded portfolio of two-factor authentication offerings."
Sabine Kockskaemper, managing director of TC TrustCenter, says: "The acquisition provides TC TrustCenter with a significant distribution channel to bring our two-factor authentication technology to worldwide markets, as well as the resources to allow us to continue to develop leading security solutions."
GeoTrust says the TC TrustCenter products will enhance its own portfolio by allowing strategic applications such as secure e-mail, secure VPN, digital signatures, encryption and access control on a single identity card, providing portability for digital certificates.