Aachen, Germany & Campbell (CA), USA, February 24, 2020 – Utimaco, a leading global provider of IT security solutions, announced today an agreement to acquire GEOBRIDGE Corporation. This acquisition will expand Utimaco’s key management portfolio for the financial industry. Upon the closing of the acquisition, GEOBRIDGE’s employees and customers will be integrated into Utimaco’s Information Security business and solutions to offer enhanced solutions and services to Utimaco and GEOBRIDGE customers.
The combination of GEOBRIDGE with Utimaco’s businesses will enable key injection at the point of sale and key management as a service. GEOBRIDGE’s KeyBRIDGE platform compliments Utimaco’s Atalla product line of hardware security modules (HSM), to build a comprehensive offering for the injection and management of cryptographic keys in a corporate context.
“The KeyBRIDGE platform combined with our Atalla hardware security module will offer greater flexibility to financial institutions and payment providers to inject and remotely manage cryptographic keys, simplifying security for our customers even as the environment grows more complex.” said Malte Pollmann, Chief Strategy Officer of Utimaco. “By acquiring GEOBRIDGE, we are taking the next step in developing Utimaco from a product vendor to a solution provider and complementing our solution portfolio in a meaningful way in order to be able to offer customers an integrated security solution.”
Founded in 1997, GEOBRIDGE has established itself as one of the first system integrators for encryption methods, and key management providers for payment solutions. GEOBRIDGE has developed a deep understanding of the challenges in the marketplace, and developed various proprietary solutions to address these challenges. GEOBRIDGE participated in the development of international standards such as ASC X9, PCI and EMVco.
“We are extremely excited to become part of the Utimaco team,“ said Laura Way, Chief Executive Officer of GEOBRIDGE. “Utimaco shares our commitment to providing industry leading HSM and Key Management solutions. Through this acquisition, we will be better positioned to support and provide additional services to our clients around the globe.”
“The industry faces migration and interoperability challenges,” added Jason Way, Chief Technology Officer at GEOBRIDGE. “Our customers need to shift to Advanced Encryption Standard or AES and adoption of key bundling while maintaining support for derived unique key per transaction (DUKPT) with a solution that is already validated for compliance through 2026. Together with Utimaco we have a valuable head start in meeting the challenges of the future.”
The closing of Utimaco’s acquisition of GEOBRIDGE is expected in the first quarter of 2020, subject to the satisfaction of customary closing conditions, including receipt of government approval and necessary third-party consent.