Identive Group Inc. has acquired a majority stake in a German-based smart card provider in a $5.3 million stock deal.
The Santa Ana-based company—which makes scanners, readers, cards and other security devices for buildings, computers and financial transactions—acquired Payment Solution AG in Munich on Feb. 1 after issuing 1.3 million common shares to the company’s shareholders. Payment Solution makes software, smart cards and readers used in cashless payments for concessions, merchandise and other items at sports stadiums, arenas, theme parks and other venues throughout Europe.
It counts Germany’s largest stadium, Signal Iduna Park, as a customer. The 80,225-person venue is home to Borussia Dortmund, one of the most successful soccer clubs in the country, and sells more than 25,000 liters of beer on game days.
The acquisition extends Identive’s reach in Europe and should add revenue immediately, Chief Executive Ayman Ashour said.
“Payment Solution has proven that they can help stadium operators and merchants increase their revenues through faster transactions in the limited time available for retail at sporting events and concerts,” Ashour said.
Identive saw about $96.3 million in revenue for the 12 months through June 30, representing a 206% jump from two years earlier. That propelled it to No. 3 on last year’s Business Journal list of fastest-growing public companies based in Orange County.
—Chris Casacchia
