VeriFone Acquires End-to-End Encryption Firm Semtek
VeriFone Systems has acquired end-to-end encryption firm Semtek. The acquisition enables VeriFone to integrate the development, sales, implementation and support of end-to-end encryption solutions into the existing VeriFone organisation to better fulfil customer needs, increase revenue and enhance support. Additionally, VeriFone is offering royalty-free software licenses to device manufacturers and payment processors to further spur market adoption.
VeriFone’s initial investment in Semtek was announced in October 2007. In April 2008, VeriFone introduced VeriShield Protect, the first commercial offering of end-to-end encryption for payments, which incorporated Semtek technology.
“With increasing market demand for our VeriShield Protect end-to-end encryption solution, acquiring Semtek’s core encryption technology ensures we can more effectively ramp up to meet customer demands and foster industry-wide acceptance of this critically important component to securing payment transactions,” said VeriFone executive vice president Bud Waller.
Semtek will be absorbed into VeriFone’s integrated systems organisation.