Kudelski sells NagraID smartcard subsidiary
| 03 May 2014
switzerland, europe,kudelski, nagra, nagraid, security, supply chain, services, smartcard, card
More corporate manoeuvres form the Kudelski Group as it has announced that it will sell its NagraID affiliate to a group of investors including the existing management team.
The deal comes just weeks after the company agreed to buy fellow security technology and services provider Conax in a deal worth $250 million. Established in 1976 in La Chaux-de-Fonds, Switzerland, and owned by the Kudelski Group since 2001, NagraID is a manufacturer of high-end smartcards and is a solutions provider for the security and identification industry. After the transaction, Kudelski will continue to retain its current 50% share in NagraID Security, an independent company from NagraID SA.
Commenting on the sale, Mauro Saladini, Kudelski Group, CFO said: “With this transaction, the Kudelski Group reaches a further milestone in the process of streamlining its supply chain. Among a number of potential buyers, we have selected the option providing the best overall balance for all relevant stakeholders. The Group will actively support NagraID with the goal of ensuring a smooth transition.”
“NagraID will evolve to ensure its long-term development as an independent entity,” added Frédéric Clauss, CEO of NagraID. “We intend to capitalise on the track record established in the financial sector and loyalty cards segments to further strengthen our positioning as the leading innovation-driven smart card provider in the Swiss market.”