Levallois, France and Boston, USA. June 19, 2012 — Oberthur Technologies, one of the world’s largest providers of security and identification solutions and services based on smart card technologies, has completed the acquisition of the leading Boston based mobile payments company MoreMagic for an undisclosed sum.
Joining forces, Oberthur Technologies and MoreMagic will create a comprehensive suite of mobile commerce and financial services solutions including a secured mobile wallet infrastructure and NFC end-to-end offer. This will help mobile operators, financial institutions and other non-telecom service providers to offer innovative services such as P2P transfers, mobile banking, proximity and remote payments.
MoreMagic’s offer will be part of Oberthur Technologies’ solutions portfolio and will be available through its global sales network.
Xavier Drilhon, CEO of Oberthur Technologies: “The acquisition of MoreMagic is fully in line with our growth strategy, notably in our solutions business and more specifically in the NFC eco-system. The complementarities between our respective technological bricks and Oberthur Technologies’ TSM expertise will perfectly fit the needs of our clients, in both mature and developing countries.”
Pankaj Gulati (pictured), CEO of MoreMagic: “For MoreMagic, this is an exciting next step in line with our existing and successful partnership with Oberthur Technologies. This merger will be a win-win for our customers who will benefit from our ability to offer even more innovative, market driven solutions to help them expand and grow their businesses in an increasingly mobile world. We now have the ability to deploy end-to-end, secure, turnkey solutions and provide cloud-based services in the mobile financial services space.”
Oberthur Technologies is a provider of secure technologies: systems development, solutions and services for smart cards (including payment and SIM cards, access cards, and NFC) and for secure identity documents, traditional and electronic (such as identity cards, passports, and healthcare cards). Established in 1984, Oberthur Technologies employs 5,700 employees at 50 sales offices across five continents, and serves clients in 140 countries.
With deployments in more than 30 countries worldwide, MoreMagic Solutions offers mobile payment solutions to mobile operators, financial institutions, content providers, and distributors, enabling consumers to purchase goods and services on demand using a mobile phone, POS, or web.
MoreMagic’s high-throughput payments engine, m:Broker(TM), and the portfolio of pre-packaged mobile commerce applications in MagicSuite(TM), enable revenue-generating services, including mobile recharge, domestic and international mobile money transfer, mobile banking and mobile payments. MagicHub(TM), MoreMagic’s global value exchange which is connected to a worldwide distributor network, brings mobile operator branded services to out-of-country customers, enabling communications with relatives back home, and increased usage on mobile networks worldwide.
