Paragon ID (Euronext Paris - FR0011980077 - PID), the leading provider of identification solutions for Transport, e-ID, Traceability and Brand Protection is pleased to announce conclusion of arrangements to acquire a controlling interest in AmaTech Group.
Paragon ID will acquire a very significant majority shareholding in AmaTech Group, an Irish based technology firm specialised in development and production of RFID applications and the AmaTech companies will become subsidiaries of Paragon ID following completion of the acquisition process.
Acquisition of AmaTech Group strengthens Paragon ID
AmaTech's mission is to provide the banking industry and its key suppliers with best in class technologies and innovations to enable contactless transactions across multiple media and to fight fraud. AmaTech's experts are recognised worldwide for their technology and inventions in these domains. AmaTech's main operations are located in a secure facility with clean room in Galway, Ireland.
The acquisition is a clear part of Paragon ID's strategy to grow its strength and presence in the banking and payment card sector, where AmaTech has particular expertise, as well as developing new applications for RFID, including wearables. Paragon ID's global sales presence, as well as its existing R&D capabilities, will enable the combined organisation rapidly to bring AmaTech's unique products to market worldwide.
Speaking about the transaction, Paragon ID Chairman John Rogers said:
“This is a very important acquisition for Paragon. We have clearly identified RFID, Internet of Things (IoT) banking and payment activities for our future development, and AmaTech brings important technology and expertise to Paragon to immediately accelerate this strategy”
Paragon ID CEO Julien Zuccarelli added:
“AmaTech has an exciting range of technologies, including some unique innovations and patents which we are looking forward to developing further and rapidly bringing to market. In so doing, we look forward to further strengthening our excellent relationships with the key players in the payment sector, who have been long-time partners of Paragon ID.”
Dr. David Finn, CEO and Founder of AmaTech, stated:
“My team and I are very pleased to be joining such a powerful and dynamic organisation as Paragon. I see enormous opportunities for the future in this rapidly growing and developing field of RFID, and Paragon ID is exceptionally well placed to deliver into this market for the future”
About Paragon ID
Paragon ID is a leader in identification solutions, in particular in the e-ID, Transport & Smart Cities and Traceability & Brand Protection sectors. Using the latest technologies such as RFID and NFC, Paragon ID provides smart cards, tickets, labels and tags to worldwide clients in diverse markets including public transport, manufacturing, logistics, gaming and retail.
Paragon ID employs more than 600 staff, with manufacturing sites in three continents (US, Europe and Asia), close to its customers.
Paragon ID is a part of Paragon Group, which is a leading provider of Identification and Customer Communications services, and has a total of more than €650 million turnover and close to 5,000 employees. Paragon Group combines generations of experience with the latest innovations in technology and smart data to enable responsive and meaningful interactions between organisations and their customers. For further information about Paragon Group, visit www.paragon-europe.com
Paragon ID is listed on Euronext Paris. Share name: Paragon ID - ISIN code: FR0013318813 - Mnemonic code: PID.
More information at Paragon-id.com