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| Tuesday, 2 May 2017, 06:30 HKT/SGT | |
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Source: Gemalto NV | |
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| The company in-sources biometric technology for governmental and commercial applications |
AMSTERDAM, May 2, 2017 - (ACN Newswire) - Gemalto (Euronext NL0000400653 - GTO), the world leader in digital security, today announces the closing of the acquisition of 3M's Identity Management Business after approval by the relevant regulatory and antitrust authorities[1]. This strategic acquisition rounds out Gemalto's Government Programs offering by adding biometric technologies and more secure document features and it ideally positions the Company to provide solutions for the promising commercial biometrics market.
The Identity Management Business will be integrated into Gemalto Government Programs business. In 2016, the acquired business generated $202 million in revenue and an estimated $53 million in profit from operations[2].
"With the acquisition of 3M's Identity Management Business, Gemalto makes a strategic move by in-sourcing biometric technology. Combining our market access, technologies and expertise will enable Gemalto to further accelerate the deployment of trusted national identities and to offer strong end-to-end biometric authentication solutions throughout the digital economy", said Philippe Vallee, Gemalto CEO. "I warmly welcome the new teams joining Gemalto and we look forward to working closely together towards success."
[1] Local share transfer formalities are still underway in two countries and are expected to be completed in the second quarter of 2017.
[2] Source: Proforma carve-out financials based on due diligence
About Gemalto
Gemalto (Euronext NL0000400653 GTO) is the global leader in digital security, with 2016 annual revenues of EU3.1 billion and customers in over 180 countries. We bring trust to an increasingly connected world.
Our technologies and services enable businesses and governments to authenticate identities and protect data so they stay safe and enable services in personal devices, connected objects, the cloud and in between.
Gemalto's solutions are at the heart of modern life, from payment to enterprise security and the internet of things. We authenticate people, transactions and objects, encrypt data and create value for software - enabling our clients to deliver secure digital services for billions of individuals and things.
Our 15,000+ employees operate out of 112 offices, 43 personalization and data centers, and 30 research and software development centers located in 48 countries. For more information visit www.gemalto.com, or follow @gemalto on Twitter.
Investor Relations
Winston Yeo
M.: +33 6 2947 0814
winston.yeo@gemalto.com
Corporate Communication
Isabelle Marand
M.: +33 6 1489 1817
isabelle.marand@gemalto.com
Media Relations Agency
Suzanne Bakker
M. : +31 6 1136 8659
suzanne.bakker@citigateff.nl
Topic: Merger & Acquisition
Source: Gemalto NV
Sectors: CyberSecurity, Wireless, Apps
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From the Asia Corporate News Network
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