Gemalto acquires Internet banking security specialist Todos
Combination of Gemalto's existing e-banking business, the Xiring activity acquired in 2009 and Todos creates world leader in Internet banking security
Amsterdam - April 8, 2010 - Gemalto, the world leader in digital security, today announced that it has completed the acquisition of Todos AB from investors led by 6AP, a fund belonging to the Swedish National Pension system. Terms of the transaction were not disclosed.
Headquartered in Gothenburg, Sweden, and employing 80 people worldwide, Todos AB is a leading provider of strong authentication solutions for Internet banking. Todos has to date delivered in excess of 20 million products to over 100 financial institutions in more than 30 countries. Todos core offer is the eCode Suite, including the Todos Versatile Authentication Server, which enables strong authentication and transaction verification. The Versatile Authentication Server supports all leading industry standards and is augmented by patented technology such as Dynamic Signatures. Using their EMV card and a Todos’ eCode reader, consumers can use their PIN code to securely sign Internet banking transactions. An additional layer of security can be provided by displaying transaction details on the reader, so that users “sign what they see,” thwarting in particular “man in the browser” attacks. Over the coming months Todos will be integrated with Gemalto’s Identification and Access Management business line.
Commenting on the transaction, Oliver Piou, Gemalto chief executive officer noted, “Todos is a perfect fit with our e-banking business, bringing a complementary customer base and extending the solution offering. The combined business creates a new leader to address the fast growing Internet banking market worldwide.”
Ove Wedsjö, CEO of Todos added, “We are really thrilled to become part of the Gemalto family. Our combined products, customers and technologies establish us as the global leader in Internet banking. Going forward, I am confident that we will be able to further accelerate our growth, thanks to our extended customer reach, ensuring a safer online environment for e-bankers everywhere.”
Mats Augurell, SVP and head of AP Partner Investments commented, “We are very pleased with this outcome. We invested in Todos in 2001, having recognized the strong market potential and the company’s technology edge. In making our exit decision, we selected Gemalto as the preferred bidder, since this combination clearly represented the best match for customers, employees and shareholders.”
Gemalto (Euronext NL 0000400653 GTO) is the world leader in digital security with 2009 annual revenues of €1.65 billion, and over 10 thousand employees operating out of 75 offices, research and service centers in 41 countries.
Gemalto is at the heart of our evolving digital society. The freedom to communicate, travel, shop, bank, entertain, and work—anytime, anywhere—has become an integral part of what people want and expect, in ways that are convenient, enjoyable and secure.
Gemalto delivers on the growing demands of billions of people worldwide for mobile connectivity, identity and data protection, credit card safety, health and transportation services, e-government and national security. We do this by supplying to governments, wireless operators, banks and enterprises a wide range of secure personal devices, such as subscriber identification modules (SIM) in mobile phones, smart banking cards, electronic passports, and USB tokens for online identity protection. To complete the solution we also provide software, systems and services to help our customers achieve their goals.
As the use of Gemalto’s software and secure devices increases with the number of people interacting in the digital and wireless world, the company is poised to thrive over the coming years. For more information please visit www.gemalto.com.
About Todos AB
Todos AB helps banks and other businesses create trusted, secure relationships with their customers online. Founded in 1987, Todos designs, develops, delivers and supports security solutions for strong multi-factor authentication. Todos’s principal solution is the eCode Suite, including Todos Versatile Authentication Server (VAS), which enables strong authentication and transaction verification. VAS supports all leading industry standards and is enhanced with patented technology such as Dynamic Signatures. Todos eCode Suite’s complete range of products features everything from printed OTP cards, mobile applications, tokens and up to the most advanced smart card readers available. For more information please visit www.todos.se
The Sixth Swedish National Pension Fund (the Sixth AP Fund) manages public pension funds in order to create high long-term returns and take into consideration the need for satisfactory risk diversification. The task is to invest in small and mediumsized growth companies, mainly Swedish, thus contributing to the development of Swedish industry. The mission and business model of the Sixth AP Fund differ from those of the other Swedish National Pension Funds, but also from those of private equity companies.
The business model has been refined to satisfy the financial targets in the investment mandate. Investment activities are divided up into company investments and investments in funds and investment companies and are managed by an organisation comprising seven business areas. The Sixth AP Fund received its mandate in 1996 and started with investment funds of SEK 10.4 billion. By the end of 2009, this had grown by SEK 7,8 billion to SEK 18,2 billion, during a period which included two severe economic downturns.
Combination of Gemalto’s existing e-banking business and Todos AB creates world leader in internet banking security.