ATM maker Diebold announced on Wednesday that it has entered into an agreement to acquire Cryptera, a secure payment solutions provider based in Copenhagen, Denmark.
According to Diebold, the acquisition of Cryptera, which supplies PIN pads for ATM and self-service device manufacturers, will help the compan broaden its portfolio for security in self-service environments.
After the acquisition is complete, Cryptera will operate as a separate business, and will continue to be an OEM of Encrypting PIN Pad (EPP) solutions for both Diebold and its existing customers.
"We are very happy to join the Diebold family and eager to bring our expertise in secure PIN-based payment solutions to the company," said Cryptera President and CEO Kaj Christiansen, who will remain with the company along with existing leadership.
"Diebold has a long and distinguished history, and we're most excited to contribute to a bright future for both of our organizations. At the same time it's important that Cryptera will maintain our strategy and mission and we will keep a strong focus to serve our broad range of existing customers," Christiansen added.
The financial terms of the deal, which is expected to close in the third quarter, have not been disclosed.