Software security house Vasco has acquired UK-based Cronto for a maximum EUR17 million in cash.
Cronto was founded in 2005 as a University of Cambridge spin-out and 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 says 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.
Vasco says it intends to tap in to Cronto's close ties with Cambridge University and access to expertise in advanced statistical data analysis and machine learning algorithms.
"The acquisition of Cronto is a strong example of asco investing in its future growth," states T. Kendall Hunt, Vasco's chairman and CEO. "Through our make-or-buy strategy for new technologies, we will keep scanning the market for suitable companies to join Vasco."
VASCO acquired all of the stock of Cronto in exchange for an initial cash consideration of Euro 15 million and contingent cash consideration in the form of an earn-out of up to a maximum of Euro 2 million.