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Gemalto in Exclusive Talks with XIRING to Acquire XIRING's Banking Activity
Source: Gemalto 2009/11/24

Gemalto, a supplier of digital security and XIRING, a provider of smart card-based strong authentication solutions for e-banking and e-commerce, announced they have entered into exclusive negotiations with the objective to complete the acquisition by Gemalto of the XIRING banking activity.Gemalto, a supplier of digital security and XIRING, a provider of smart card-based strong authentication solutions for e-banking and e-commerce, announced they have entered into exclusive negotiations with the objective to complete the acquisition by Gemalto of the XIRING banking activity.

The proposed transaction concerns all of the current activities of the banking business unit of XIRING, with all the associated products, IP and technologies, as dedicated to EMV based strong authentication solutions for e-banking and e-commerce.

XIRING is a pioneer of EMV based strong authentication solutions for e-banking and e-commerce. The combination of the banking activity from XIRING with its own, would position Gemalto as a leader in EMV based strong authentication solutions for e-banking and e-commerce.

The transaction is expected to be completed by year end. Upon completion of the transaction, XIRING would continue to operate in its non-banking activities independently from Gemalto.

The two companies will not comment on the proposed transaction terms until the achievement of negotiation and legal processes and signature of a final and binding contract.

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