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Gemalto Completes Acquisition of XIRING's Banking Activity
Source: Gemalto 2009/12/18

Gemalto, a provider in digital security and XIRING, a security solutions supplier for remote transactions, announced they completed exclusive negotiations and signed a binding contract related to the acquisition by Gemalto of the XIRING banking activity for US$28.8 million.Gemalto, a provider in digital security and XIRING, a security solutions supplier for remote transactions, announced they completed exclusive negotiations and signed a binding contract related to the acquisition by Gemalto of the XIRING banking activity for US$28.8 million.

XIRING is a pioneer of EMV based strong authentication solutions for e-banking and e-commerce. It has developed in 10 years an efficient technology and a competitive range of solutions, with more than 12 million 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 Dec. 31.

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

Olivier Piou, CEO of Gemalto, said, “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, said, “We have started this activity 10 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 internationalize its health care activity and to develop the electronic identity activity, which is positioned on a high-potential market. We will communicate our development plan on Jan. 13, after the 2009 turnover and the 2010 guidance release.”

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