Kudelski Group said it has inked a deal to sell its NagraID Security unit to Oberthur Technologies (OT), a digital security solutions company focused on the mobile sector.
Financial terms were not disclosed, but the deal calls for OT to acquire Kudelski’s 100% equity stake of NagraID Security as well as the unit’s management.
NagraID Security develops and markets powered display cards to secure access to the cloud, and is primarily focused on companies and partners that operate in the field of financial payments, authentication and identification solutions, and the use of one-time passwords or dynamic card verification value (the three- or four-digit security code printed in payment cards) technologies.
“The earn-out-based structure of the sales agreement allows Kudelski Group to share the upside of the display card market, while relying on a strong industrial partner. We think Oberthur Technologies is well-placed to lead NagraID Security and are pleased for the NagraID Security team,” André Kudelski, president and CEO of the Kudelski Group, said in a statement.
Kudelski Group and OT expect to close the deal “in the coming weeks.”
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