TBay Holdings and Card Tech Italy strike acquisition deal
South Korean firm TBay Holdings Inc has struck a deal to acquire Card Tech Italy, a company focused on biometric authentication for mobile devices.
Developed on the ISO 7810 ID-1 format, Card Tech Italy’s solutions also include embedded fingerprint sensors.
According to a statement from the two groups, Card Tech management will take up roles on the board at TBYH, and details around name changes and other significant changes will be announced soon.
Mobile authentication is a rapidly growing focus for the biometric community, as many consumer devices inch closer each day to including embedded sensors.
According to the latest research report from Heavy Reading, biometric authentication provides superior device security. In the report, it’s noted that the main drive behind biometric authentication on smartphones will occur in both the consumer and enterprise spaces.
In addition, the Biometrics Research Group, expects that biometrics will become integrated within a wide number of mobile devices in the near future.
In the last few years, there has been some major industry consolidation much like TBYH’s acquisition of Card Tech Italy, and it is having a significant impact on many biometric markets. According to a recently published report, the international market for biometric readers is expected to grow at a CAGR of 17.1 percent between 2012-2016, and much of this increase is due to an increase across the board of mergers and acquisitions.