Technology companies Giesecke & Devrient (G&D) and Wincor Nixdorf are to establish a joint venture - CI Tech Components AG - to develop and market security technology for authenticating and processing banknotes.
The new unit will be headquartered in Burgdorf, Switzerland, and - subject to approval by the antitrust authorities - will commence operations in March 2011. Initially, around 160 employees are to work for the joint venture at its headquarters in Burgdorf as well as in Munich.
Through the company, G&D and Wincor Nixdorf intend to substantially expand their current combined market share of around 10% in the growing market for banknote authentication sensors and modules in the coming years. According to estimates of the two companies, this market, which is currently worth $650 million, is set to reach about one billion US dollars by 2015.
The venture will integrate Giesecke & Devrient's cash centre management software and Wincor Nixdorf's software platform for managing cash processes at banks and retail companies.
The company will also target providers of self-service systems, including the kiosk systems of banks, retailers and postal services, or railroad companies' ticket machines.
"All our solutions as well as the individual hardware and software components will be developed on the basis of open standards," says Dr. Karsten Ottenberg, G&D chairman. "We are also interested in persuading other strong market players to join us in the ongoing development of the technology platform and in worldwide marketing."