Oberthur Technologies (OT), a world leader in digital security solutions for the mobility space, today announced that it has signed an agreement to acquire NagraID Security SA.
OT will acquire a 100% equity stake of NagraID Security SA from the Kudelski Group (SIX: KUD.S) and the company’s management.
NagraID Security SA develops and markets powered display cards to secure access to the cloud, primarily for companies operating in the field of financial payments, authentication and identification solutions, using one-time password (OTP) or dynamic card verification value (DCVV, the 3 or 4 digit security code printed on payment cards) technologies.
Didier Lamouche, President and CEO of OT declared:
“Thanks to the acquisition of NagraID Security’s exclusive powered display card technology, OT is making a significant move on the very competitive payment card market, and in particular helping to reduce fraud for all card non-present transactions. Furthermore, the acquisition will enrich OT’s offering to financial institutions. I am very confident that the talented teams of NagraID Security will contribute to our ambitious development strategy”.
André Kudelski, President and CEO of the Kudelski Group added:
“The earn-out-based structure of the sales agreement allows Kudelski Group to share the upside of the display card market, while relying on a strong industrial partner. We think Oberthur Technologies is well-placed to lead NagraID Security and are pleased for the NagraID Security team.”
The transaction is expected to close in the coming weeks. Financial terms of the transaction were not disclosed.