Gemalto acquires Keycorp and Multos
The assets acquired include Keycorp’s implementation of the Multos smart card operating system, the Multos brand, the associated patents and the Key Management Authority (KMA) that manages Multos card activations worldwide. Approximately 40 Multos experts will join Gemalto, mostly based in Australia and UK.
Multos was previously owned by MasterCard Worldwide through Mondex, and is promoted by the Maosco consortium, which includes Infineon, Samsung, Dai Nippon Printing and Thales in its membership. Multos was the first smartcard operating system to receive the highest security certification possible, ITSEC E6 High / EAL6+. Multos has just been acquired by Keycorp a few months ago for US$ 3 million (EUR 1.9 million) (cf. Smart Insights #08-24). Besides its original focus on electronic transactions, Multos is used in a few ID projects. According to StepNexus, the company delivering services associated with the operating system, around 100 million cards with the Multos Operating System have already been delivered.
Keycorp is a provider of electronic transaction solutions from smart cards and payment solutions to services and consulting. Headquartered in Sydney, Australia, Keycorp has offices in Melbourne, Montreal and Toronto in Canada, with partners in Asia, Europe and North America. Its clients include financial institutions and payment processors, such as: ANZ Bank, Cardex, Caltex, Commonwealth Bank of Australia, Kookmin Bank, Loblaws, National Australia Bank, Oyak Bank, Toys “R” Us and Westpac Banking Corporation.
The acquisition is expected to contribute over EUR 15 million of annual revenues to the Secure Transactions and Government Programs segments of Gemalto on an annual basis, with over half of the revenues coming from Asia.