Gemalto has subscribed to a capital increase in Serverside Group, with an option to potentially acquire the London-based custom debit card company at a later date. The company has also entered into a worldwide distribution agreement with Serverside, and it will consolidate Serverside’s results as of September 2009.
Serverside’s software-as-a-service (SAAS) platform, AllAboutMe, allows custom images and designs to be uploaded through a website and then processed by the participating banks’ supply chain.
In addition, it also delivers ROI to card issuers by creating a personal bond between the consumer and the card. Serverside technology allows small associations, groups or companies to compose their own ‘affinity’ and co-branded cards.
Olivier Piou, CEO of Gemalto, said: “This new bolt-on acquisition expands our software and services offering in the banking and loyalty arena. In addition, we will be able to leverage the Serverside platform in our Identity and Access Management service business, towards custom services to enterprises in particular. Serverside’s software-as-a-service business model is in perfect fit with our next phase of development strategy.”
Philippe Cambriel, executive vice president of Secure Transactions at Gemalto, said: “We have a high regard for Serverside’s approach to business, focusing on consumer needs and ease of use. By adding innovative marketing tools to the payment instruments package, they enable financial institutions to clearly improve the performance of their card portfolio.”
Adam Elgar, founder and CEO of Serverside Group, said: “We have built a strong international presence and a scalable business model. Gemalto’s investment provides us with growth capital to aggressively develop both our technology and market share.”