Oberthur completes MoreMagic acquisition

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Oberthur Technologies, one of the world’s largest providers of security and identification solutions and services based on smart card technologies, today announced the completion of the acquisition of the leading Boston based mobile payments company MoreMagic.

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, CEO of MoreMagic: “For MoreMagic, this is an exciting next step in line with our already 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.”