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, Staines & London, England - July 31, 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."
Small business loans among financial services offered
"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.
About ActivCard
ActivCard, www.activcard.com http://www.activcard.com, is the leader in IDentity Management (IDM) software for secure remote access, secure sign-on and digital identity card solutions. Our scalable IDM and strong authentication solutions are trusted by organisations - from enterprise to governments around the world. ActivCard IDM systems deliver maximum Return On Identity (ROI) through increased security, reduced cost, and user convenience. The modular product design allows our customers to add capabilities as required, preserving their investment.
About ASPACE Solutions
ASPACE Solutions www.aspacesolutions.com is a data management company developing online solutions that address the multi-channel needs of organisations requiring secure systems that are simple for a user to use. Bred from servicing the needs of retail financial organisations needing secure multi-channel data management systems, the core services provided by the company are Consultancy, Online Solutions, and Hosted Banking Solutions. Each solution is implemented on a resilient, high performance, fully secure infrastructure with 24X7 support for client staff and customers.
ActivCard is a registered trademark and Return on Identity is a trademark of ActivCard in the United States and/or other countries. All other trademarks are the property of their respective owners in the United States and/or other countries.
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