Diebold Inc. has announced that it is expanding its security expertise through the acquisition of GAS Tecnologia, an Internet banking, online payment and mobile banking security company located in Brasilia, Brazil.
GAS protects nearly 70 percent of Internet banking transactions in the country and employs more than 125 experts in the cyber security field. In addition to providing security solutions for Internet and mobile banking, the company offers clients a security information database that allows them to stay up to date and educated on current threats in the industry.
"This acquisition marks an exciting time for our company as we look forward to continued growth in the Brazil market," said Thomas W. Swidarski, Diebold president and CEO. "During the past several years, we have experienced great success in this region, and we are confident that GAS will be a meaningful addition to Diebold as we expand our security expertise and industry knowledge in Brazil."
Studies by the Brazilian Banking Federation indicate that the Internet banking channel has significant potential for growth, and already accounts for approximately 30 percent of the total banking transactions in the country. According to these studies, the volume of Internet banking transactions doubles every three years, and mobile platform transactions, although still an emerging trend, show potential to become a prevalent channel in the near future.
"It is critical to have software solutions that ensure the integrity of transactions against fraud," said Joao Abud Jr., president of Diebold Brazil. "Our acquisition of GAS is another example of how we are committed to applying and incorporating new technology within our existing solutions portfolio, and delivering on our commitment to provide high-quality products and solutions to our customers in Brazil."
Hilton Silva, executive director at GAS, said, "Joining the Diebold team is a great opportunity to leverage local technology to further expand our security offerings. Our solutions are focused on identifying and preventing attack techniques that threaten the security of both operational environments and users within online payment, mobile transaction and banking systems. We believe our solutions provide a remedy for this global challenge."
Financial terms of the acquisition are not being immediately disclosed.
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