Valid signs the documents to purchase Fundamenture Back
Late yesterday afternoon (September 2nd), Valid announced the signing of the documents to purchase all the shares issued by Fundamenture, a Danish company in the global Telecom business.
This purchase will only become official after approval by the Extraordinary Shareholder Meeting of Valid, to be held on September 30th.
If this purchase is confirmed, it is estimated that Valid will move up from the 13th to the 5th position in the global ranking of chip providers. Today, Fundamenture has 6.5% of the global market for SIM Cards, with 300 million cards sold annually. In 2014, the Company reported Net Income of US$ 71.7 million and EBITDA of US$ 10 million.
“The acquisition of Fundamenture will not only complement our essential competencies through our service platforms and products, but will also enable us to accelerate our growth as we enter markets with growing demand, where we do not yet have a relevant presence,” said Carlos Affonso, Global CEO of Valid.
With headquarters in Copenhagen, the capital of Denmark, a country located in Northern Europe, Fundamenture produces and sells smart cards, develops and implements operating systems for SIM Cards and manages software and solutions for mobile telephone operators. Its Research and Development (R&D) team has also worked on the creation of technology for banking smart cards (EMV) with the goal of being an important supplier in this segment. The Company has 131 collaborators and has a significant presence in the Asian, African and the Middle Eastern markets, with activities in 35 countries and more than 150 clients.
More information on the purchase will be provided after the Extraordinary Shareholder Meeting of 09/30.