Netegrity Inc. announced it has formed a joint venture company with Encotone Ltd., a Jerusalem technology firm specializing in network security products, to market Encotone's globally patented acoustic smart card technology products in North, Central, and South America.
The joint venture, based in Waltham, will operate under the name Encotone Inc. and will be equally owned and funded by both companies.
Encotone's initial target markets include telecommunications, banking, and financial services firms. Its TeleID acoustic smart card provides identification of users and encrypts data by generating a digital signature across any voice or data line.
The company describes TeleID as means of identifying a person and confirming a transaction anywhere in the world without the need for specialized card readers or similar devices.
It can be used in the telephone industry to eliminate calling card fraud and in the banking and financial industries to offer secure banking and credit card transactions by phone.
The company also announced that Richard Kosinski, formerly executive vice president and founder of Internet Security Corp., has been named president of Encotone.
- Compiled by Valerie Block