Cryptomathic acquires Aconite Tech for EMV infrastructure prowess
Cryptomathic, provider of secure server and payments solutions, is acquiring end-to-end EMV card lifecycle, transaction processing and PIN management provider, Aconite Technology.
The acquisition will enable the two firms to leverage their combined expertise to drive innovation in the space and better answer global demand for their services.
Dr Peter Landrock, founder and chairman of Cryptomathic, comments: “In recent years, it has become apparent that our two firms could develop and deliver a stronger set of EMV infrastructure services as a single entity. Across our respective solution portfolios we have complementary products and a smaller number of similar products.”
Steve Nichols, CTO, Aconite Technology, adds: “We’re already collaborating with Cryptomathic on the development of new, innovative solutions focusing on demand areas like key management, self-service PIN selection and PIN change/distribution over digital channels.”
In recent years, both Cryptomathic and Aconite Technology have reported strong growth.
The firms say they have got their eye on South Africa, as it is demonstrating for EMV infrastructure solutions from both challenger start-ups and some of the biggest established banks who are looking to re-platform to regain market agility.
Landrock adds: “We looked at several potential acquisition targets in this space, and Aconite Technology emerged well ahead of the alternatives. This is Cryptomathic’s first acquisition; it may not be our last.”
Cryptomathic and Aconite Technology will continue to operate as individual brands in the marketplace and their respective organisational and management structures will remain unchanged.