Digital security services provider Gemalto has finalised the acquisition of electronic transaction services provider Keycorp’s smart card business, the provider of Multos products and services which target financial services and government sectors, and of Multos, the company that operates the remote activation service and high-security facility.

Under the terms of the deal, Gemalto is to pay USD 22 million for Keycorp’s smartcard business assets, IP portfolio, trademarks and Multos company. The business assets include Keycorp’s implementation of the Multos smart card operating system, the Multos brand and the Key Management Authority (KMA) which is responsible for Multos card activations across the world. The acquisition is expected to bring EUR 15 million in annual revenues to the Secure Transactions and Government Programs segments of Gemalto on an annual basis, with over half of the revenues coming from Asia.

Gemalto has over 85 offices across 40 countries.