Vasco Data Security has acquired Cronto, a maker of transaction-authentication software.
Vasco will pay approximately $20 million in cash for the Cambridge, U.K.-based Cronto, with certain conditions that could push the final payout to $22 million, the companies said Monday. Cronto, which was founded in 2005, provides visual transaction-authentication and signature systems for online banking, and its CrontoSign system is used by European banks including Commerzbank and Raiffeisen Switzerland, the news release said.
Vasco, a software-security firm based in Oakbrook Terrace, Ill., plans to add Crontos products to its authentication platform, mydigipass.com.
"Our objectives are to reinforce our leadership position in the banking authentication market and to become a successful business-to-consumer authentication services provider. The acquisition of Cronto is a significant step forward in helping us achieve both objectives," Jan Valcke, Vasco's president and chief operating officer, said in the news release.
