INSIDE Secure acquires Embedded Security Solutions (ESS)

The transaction is expected to close before the end of 2012 subject to certain customary closing conditions. The supervisory board of INSIDE Secure has unanimously approved the transaction. At closing, INSIDE Secure will pay USD 38 million in cash subject to a working capital adjustment and up to an additional USD 10 million subject to completion of certain post-closing transactions. The transaction is expected to be accretive to INSIDE Secure’s 2013 adjusted operating and net results and to enhance INSIDE Secure’s gross margin. Commenting on this announcement, Remy de Tonnac, chief executive officer of INSIDE Secure, said: “This transaction is an important opportunity to extend our position in the security value chain and reinforce our global offer in high-end security solutions. It will enable us to complement our product and solution portfolio in mobile NFC and digital security and enhance our customer offerings in fast-growing markets. The talented ESS team who will be joining will contribute their know how and expertise to advancing our innovative technologies and help us address new security markets.”