In exclusive negotiations
Oberthur Technologies, the smart card technology solution provider has entered into exclusive negotiations to acquire mobile financial services solution provider, MoreMagic. The deal has the backing of MoreMagic’s major shareholders, including Battery Ventures and Vision Capital. (view press release)
The two parties recently won a key reference in the Czech Republic through their technological partnership and Pankaj Gulati, CEO of MoreMagic says “this new step in our collaboration is the natural evolution of an already successful partnership.”
The combined entities will concentrate on developing a range of mobile money solutions to provide innovative mobile financial services to mobile operators and financial institutions with regards to proximity, remote payment and mobile banking.
Xavier Drilhon, CEO of Oberthur Technologies, says “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.”
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