Security and identification applications and services provider Oberthur Technologies has entered into a definitive agreement to acquire financial services applications provider MoreMagic Solutions.
The technological capabilities of Oberthur Technologies and MoreMagic will be combined to create a mobile money services suite including secured end-to-end payment and money transfer services, which helps mobile operators and financial institutions to offer financial services in mobility such as proximity, remote payment and mobile banking.
This acquisition remains subject to the consultation of employees work council and other customary approvals, including from relevant antitrust authorities.
Prior to this agreement, Oberthur Technologies has entered into an agreement with MoreMagic supported by its major shareholders including Battery Ventures and Vision Capital.
Oberthur Technologies CEO Xavier Drilhon said the acquisition of MoreMagic is in line with Oberthur Technologies’ growth strategy notably in its Solutions business and in the NFC eco-system.
