Smartrac has finalized an agreement to sell its Secure ID & Transactions Business Division to the Linxens Group.
Linxens is a global leader in the design and manufacture of smartcard connectors, inlays and LED light sources. The companys connector products are a vital component of smartcards, enabling the communications and transactions that are central to financial and public sector applications used by a wide range of consumers, including banking cards, SIMs for mobile telephony, ID and health cards, and many more.
Leveraging its expertise and market position as the worlds leading supplier of RFID products, Smartrac is already transforming itself into a global leader in RFID and IoT solutions, using RFID technology and its Internet of Things platform Smart Cosmos to deliver a broad portfolio of solutions that provide unmatched value and ROI to customers along the entire value chain.
What we are announcing today sets the future direction for everyone at Smartrac. As a part of the Linxens Group, our highly successful and profitable Secure ID & Transactions business will face a bright future as a leader in Payment, Access Control & Identification technologies for maximum security and customer convenience. At the same time, Smartracs core business will be able to focus and accelerate its already successful transition into a leading provider of ready-made and customized RFID products and IoT-based solutions that enable businesses to identify, authenticate, track and complement product offerings, said Christian Uhl, Chief Executive Officer (CEO) and Chairman of the Management Board at Smartrac.
According to the agreement, Linxens will take over all the employees and assets assigned to Smartracs Secure ID & Transactions Business Division. Restricted to limited rights, Linxens will be allowed to use the Smartrac brand for the Secure ID & Transactions business for a period of up to 24 months after the sale is completed. Linxens will meet all of Smartracs Secure ID & Transactions contractual obligations to employees, customers and suppliers.