STMicroelectronics is to acquire Proton World International (PWI) for $37 million plus a business-related consideration for up to 10 years.
Based in Belgium, PWI has approximately 90 employees and develops smart card system software (card OS, middleware and application software), especially for e-purse, EMV (Europay/Mastercard/Visa) debit/credit cards, PKI (Public Key Infrastructure) security, and data management applications.
Maurizio Felici, Group Vice-President and General Manager of ST's Smart Card Division, said, “This acquisition is a response to growing customer demand, especially in emerging markets, for comprehensive systems solutions.”
The deal is expected to close in the second quarter of 2003. ST and ERG Group, an Australian-based company and leader in transit and transport applications and current owner of PWI, will also enter into a long-term business relationship through a technology license agreement and will work to deploy PWI's technology in transit applications worldwide.