Gemalto Completes Acquisition of Xiring's Banking Activity
Gemalto, a digital security firm, and Xiring, a security solutions provider for remote transactions, have completed their negotiations and signed a binding contract related to the acquisition by Gemalto of the Xiring banking activity for €20m. Xiring is a pioneer of EMV based strong authentication solutions for e-banking and e-commerce.
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 31 December 2009.
Olivier Piou, chief executive officer (CEO), 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 its positioning as a global leader in internet banking and access security solutions.”
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