Software security house Vasco has acquired UK-based Cronto for EURO17 million in cash.
Founded in 2005, Cronto supplies secure visual transaction authentication and signature solutions for online banking applications. The CrontoSign solution (also known as photoTAN) has been chosen to secure transactions at Commerzbank and Raiffeisen Switzerland.
Netherlands-based Vasco said that it will add the patented CrontoSign products to its offerings for the global banking market and work towards full integration with its Digipass product line.
"The acquisition of Cronto is a strong example of Vasco investing in its future growth. Through our make-or-buy strategy for new technologies, we will keep scanning the market for suitable companies to join Vasco," stated T. Kendall Hunt, Vasco's Chairman & CEO.
Vasco acquired all of the stock of Cronto in exchange for an initial cash consideration of Euro15 million and contingent cash consideration in the form of an earn-out of up to a maximum of Euro2 million.
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