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INSIDE Contactless secures €11m, acquires SMS company

6 May 2010

INSIDE Contactless, a French producer of contactless secure transaction chips solutions, has received an additional injection of €11.2m series D financing.

Leading the round were existing investors Belgian private equity firm Gimv and Parisian venture investor Sofinnova Partners, who were joined by French sovereign wealth fund Fonds Stratégique d’Investissement (FSI).

The buy-and-build investment is to finance the company’s takeover of the Secure Microcontroller Solutions (SMS) business of the Nasdaq-listed Atmel Corporation.

INSIDE was founded in 1995, pioneering the development of smart cards for use in payments, transit, secure access and identification applications. Headquartered in Aix-en-Provence, France, with offices in Paris, Shanghai, Singapore, Warsaw, Seoul, Bangkok and San Francisco, the company has delivered 400 million contactless platforms worldwide.

The acquisition of Atmel Solutions’ SMS business is to create a pure-play semiconductor company focused on smart card products and connectivity technology for secure transaction devices.

Other investors in the company include Alta Berkeley, EuroUS Ventures, GGV Capital, Assa Abloy, Motorola, Nokia Growth Partners, Qualcomm, Samsung Venture Investment, Siparex, Sofinnova Partners, Vertex Venture Capital and Visa.

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