SmartTrust, a developer of software for mobile operators backed by The Carlyle Group, has been acquired by Giesecke & Devrient.
SmartTrust, a developer of software for mobile operators backed by private equity firm The Carlyle Group, has been acquired by smart card company Giesecke & Devrient.
The deal allows a full exit for The Carlyle Group, which headed a syndicate that purchased a majority shareholding in SmartTrust in 2002, together with GE and Eqvitec Technology Fund.
Jeff Bork, chairman and CEO of Sweden-based SmartTrust, says that the company’s sale to Giesecke & Devrient will help the business expand further internationally, a process that was accelerated during its period of private equity ownership.
Michael Wand, managing director and co-head of Carlyle’s European technology team, says, ‘We believe G&D is an excellent partner for the business and their acquisition of the company in these challenging economic times demonstrates that there is still appetite for strategic assets.’
Carlyle’s investment in SmartTrust was made through Carlyle Europe Venture Partners, which was launched in 2000 with €553 million.