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ACTIVCARD SIGNS AGREEMENT TO INVEST IN ASPACE SOLUTIONS LIMITED
ActivCard Extends Its Secure Digital Identity Solution in the Financial Sector by Collaborating with UK-Based Multi-Channel Authentication Specialists, ASPACE Solutions Limited
ACTIVCARD SIGNS AGREEMENT TO INVEST IN ASPACE SOLUTIONS LIMITED
ActivCard Extends Its Secure Digital Identity Solution in the Financial Sector by Collaborating with UK-Based Multi-Channel Authentication Specialists, ASPACE Solutions Limited
Fremont, California and Staines & London, England August, 2003 - ActivCard (NASDAQ: ACTI / NASDAQ EUROPE: ACTI), has announced it has signed an agreement to acquire a minority interest in ASPACE Solutions Limited of London and to provide a convertible loan facility, subject to various closing conditions.
"Our decision to invest in ASPACE and its multi-channel authentication and authorization products reflects ActivCard's commitment to continually increasing the ROI and customer benefits of enhanced identity management solutions for our customers," stated Steven Humphreys, Chief Executive Officer of ActivCard. "We look forward to working closely with ASPACE to deliver focused solutions that meet the business and regulatory requirements of financial service providers."
"Financial services providers are competing in a market where their customers expect access to all delivery channels, whether it be branch, phone, ATM, web or other new channels such as mobile or digital TV. There is increasing pressure on providers to achieve channel integration, but legacy security procedures create operational barriers for customers to achieve cross-channel access. Such market pressures, coupled with increased regulatory demands for stronger authentication and risk management - such as EMV standards and Basel II - mean that more consistent security levels have to be achieved while also enhancing the customer experience in a cost effective way. Today's announcement highlights the ActivCard - ASPACE shared interest in supporting financial services organisations to achieve these goals," said Steve Keohane, Chief Executive Officer of ASPACE Solutions.
ActivCard agreed to purchase 38% of the outstanding shares in ASPACE for £1 million as well as to provide a convertible loan in the amount of £2.5 million. The loan bears interest at 6% per annum and is convertible into newly issued common shares of ASPACE if unpaid on the two-year anniversary.
Company: ActivCard
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