Gemalto completes acquisition of Xiring banking business

Source: Gemalto

Gemalto (Euronext NL0000400653), the world leader in digital security and Xiring, a security solutions provider for remote transactions, today announced that they have completed their exclusive negotiations and signed a binding contract related to the acquisition by Gemalto of the Xiring banking activity for 20 million euros.

XIRING is a pioneer of EMV based strong authentication solutions for e-banking and e-commerce, and has developed in ten years an efficient technology and a competitive range of solutions, with more than 12 millions already deployed in Europe.

The transaction concerns all of the current activities of the banking business unit of XIRING dedicated to EMV based strong authentication solutions for e-banking and e-commerce. The contract includes the transfer of the technical and commercial team and all the associated products, IP and technologies, on December 31, 2009.

The transaction has no impact on XIRING non-banking activities or on other activities of Gemalto.

Olivier PIOU, CEO, Gemalto, comments "XIRING has successfully developed its banking activity to secure online banking and e-commerce. In line with its 2010-2013 strategic plan, Gemalto strengthens here its positioning as a global leader in internet banking and access security solutions."

Georges Liberman, Chairman and CEO, XIRING, adds "We have started this activity ten years ago with a technological innovation, and the objective to securing internet banking operations. This transaction with Gemalto acknowledges the success of our strategy and our performance. It also confirms our ability to innovate and develop XIRING on new markets. The global footprint of Gemalto, and its performance, will relay the success of this technology on a worldwide basis. XIRING will now focus its efforts to internationalise its healthcare activity and to develop the electronic identity activity, which is positioned on a high-potential market. We will communicate our development plan on January 13, after the 2009 turnover and the 2010 guidance release."

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