Digital security solutions provider Oberthur Technologies (OT) announced today that it has signed an agreement to acquire NagraID Security SA, according to an Oberthur release.
NagraID Security SA targets financial payments, authentication and identification solution-providing companies, developing and marketing “powered display cards to secure access to the cloud” by using one-time password (OTP) or dynamic card verification value DCVV) technologies.
“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,” said Didier Lamouche, President and CEO of OT, in the release. “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.”
According to the release, OT will acquire a 100 percent equity stake of NagraID Security SA from the Kudelski Group and the company’s management.
To add to Lamouche’s statement, André Kudelski, President and CEO of the Kudelski Group, said 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,” Oberthur Technologies.
The transaction, financial terms of which were not released, is expected to close in the coming weeks.