Business News
Giesecke & Devrient Acquires SmartTrust
Wednesday 22. April 2009 - Giesecke & Devrient (G&D), one of the world's largest suppliers of banknotes and smart card solutions, is acquiring SmartTrust AB (Stockholm), a globally leading provider of server solutions for managing applications on SIM cards and mobile phones.
Today’s cell phones offer more innovative applications than ever before – from information services to train ticketing to mobile payment. As application numbers have grown, so too has demand for solutions to store and manage the applications over the cellular network. It is already clear that the applications will 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. For clients, the most important thing is for the applications to be securely stored and managed. And that is exactly where G&D and SmartTrust have enormous potential for growth together,” said Dr. Karsten Ottenberg, Chief Executive Officer and Chairman of the Management Board at G&D.
“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. SmartTrusts special focus on openness and interoperability will continue with SmartTrust operating as an independent company in the G&D group”, stated Jeff Bork, Chairman and CEO of SmartTrust.
Local customer service will become even more effective and attentive, thanks in large part to G&D’s and SmartTrust’s worldwide presence. Both firms are exceptionally innovative. G&D and SmartTrust will be able 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.
SmartTrust has 178 employees around the world and generated 31.3 million in revenues last year. The company is profitable, with a solid financial structure. SmartTrust is headquartered in Stockholm and maintains eight branch offices around the world. Over 200 cellular network operators worldwide trust SmartTrust technology. Giesecke & Devrient GmbH (G&D) will acquire all the ownership shares of SmartTrust from its present owners including the Carlyle Group, Eqvitec Technology Fund, TeliaSonera and GE.