Vasco Data Security acquires Cronto

Following the purchase, Vasco will add the patented CrontoSign products to its offerings for the global banking market. In a later phase, Vasco anticipates that Crontos products will be integrated into MYDIGIPASS.com authentication platform to secure the consumers online applications/accounts.

Vasco has purchased all of the stock of Cronto in exchange for an initial cash consideration of EUR 15 million and contingent cash consideration in the form of an earn-out of up to a maximum of EUR 2 million. The acquisition was financed from Vascos existing cash balances. The acquisition is expected to be dilutive in 2013, due in large part to the amortization of purchased intangible assets. The acquisition is expected to be accretive in 2014.

Crontos patented CrontoSign technology protects against attacks as it allows the bank to establish a secure optical communication channel with the client. Account holders can scan a CrontoSign image displayed on their banks website and verify the details of the payment on a display. They can choose between the CrontoSign mobile application or a dedicated CrontoSign hardware device.

Vasco serves a customer base of approximately 10,000 companies in more than 100 countries, including almost 1,700 international financial institutions. VASCO targets markets which include the financial sector, enterprise security, e-commerce and e-government.