Advent completes Safran deal
Advent International and French investment bank Bpifrance have completed a deal to acquire the French company Safran Identity & Security.
Last September, Safran announced that it had entered into exclusive negotiations with Advent International, the owner of Oberthur Technologies since 2011, to sell its identity and security activities and the transaction was finalized on May 31, 2017.
Advent will merge Safran Identity & Security with Oberthur Technologies to form a new company temporarily called OT-Morpho. The company will unveil its new name in September of this year.
“We are truly excited about combining OT and Morpho, two highly complementary leading companies,” explained Didier Lamouche, CEO of OT-Morpho. “This merger will bring something completely new to the market, with trusted identities at the core of our solutions. As our physical and digital, civil and commercial lifestyles converge, OT-Morpho stands precisely at that crossroads to leverage the best in digital security and identity technologies, including biometrics, to offer customized solutions to its clients.”
With close to €3 billion in revenues, OT-Morpho employs more than 14,000 people worldwide, with almost 2,000 working in the field of R&D.