The ATM maker Diebold is buying encryption technology company Cryptera to enhance its portfolio in automated teller machine security.
Denmark-based Cryptera has sold more than one million payment solutions globally. The company supplies PIN pads for manufacturers of ATMs, petrol pumps, and self-service and self-checkout devices.
Following the acquisition, which is expected to close in the third quarter, Cryptera will operate as its own business. Cryptera will continue to be an original equipment manufacturer of encrypting PIN pads for Diebold and other existing customers.
All 80 Cryptera employees will make the transition to Diebold in North Canton, Ohio, including Cryptera's chief executive Kaj Christiansen and the entire leadership team.
Financial terms of the transaction were not disclosed.
"We've been a user of Cryptera solutions for more than 10 years, and have always been impressed with their level of sophistication in EPP security and design," says Andy Mattes, CEO of Diebold, in a June 25 press release. "Cryptera's people, knowledge and market presence will allow Diebold to better leverage our combined technical capability and further advance the level of innovation for security in self-service settings across the globe."