News
Giesecke & Devrient buys SmartTrust
April 21, 2009
MUNICH, Germany — Giesecke & Devrient, a global supplier of banknotes and smart card solutions, has announced its acquisition of SmartTrust AB, based in Stockholm, Sweden.
According to a news release, SmartTrust provides server solutions for managing applications on SIM cards and mobile phones. In the mobile space, as applications have increased, so too has demand for solutions to store and manage those applications over cellular networks. And those applications are expected to soon expand to other platforms as well.
In this key growth market, G&D together with SmartTrust will offer all-in-one solutions for securely integrating services provided by mobile telephony companies, banks, government agencies and transport operators. The financial details of the transaction have not been disclosed.
"G&D has a strong reputation for comprehensive smart card expertise and maintains a leading position in the global SIM card market. SmartTrust is well-known for high-performance server solutions in the telecommunications sector. Demand for secure mobile applications on SIM cards is on the rise and will certainly expand beyond cell phones in the future. There will also be a need for various storage media that can provide a secure platform and for the ability to run the technology on any device," said Dr. Karsten Ottenberg, chief executive and chairman of the management board for G&D.
The union of G&D and SmartTrust is expected to shorten times to market for innovative combinations of smart card and server products by tightly coordinating their development efforts. At the same time, the two companies will continue to resolutely enhance and refine the SIM card as a security and service platform.
"The synergies gained from G&D will strengthen our ability to help operators use new, innovative technologies to meet the challenges facing them today and tomorrow. SmartTrust's special focus on openness and interoperability will continue with SmartTrust operating as an independent company in the G&D group," said Jeff Bork, chairman and CEO of SmartTrust.
SmartTrust has 178 global employees and € 31.3 million in annual revenue. SmartTrust works with more than 200 cellular network operators worldwide.
G&D will acquire all the ownership shares of SmartTrust from its present owners, which includes the Carlyle Group, Eqvitec Technology Fund, TeliaSonera and GE.
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