Aconite secures multi-million dollar funding to accelerate geographic and product expansion

4 September 2008

Aconite, a leading provider of software and consulting services for managing business applications on chips in smart cards, tokens or mobiles, today announced the completion of a multi-million dollar funding round to fuel the global expansion of its software operations and to bring new products to market following the recent acquisition of the Affina® Enterprise Platform software from the Datacard Group.

Founded in 2000, Aconite offers card issuers’ software solutions to support EMV migration and the management of prepaid cards and mobile payments. With the addition of the smart card management solution, Affina Enterprise, to its portfolio, Aconite is well placed to meet the needs of organisations looking to introduce smart cards, tokens and mobiles into rapidly expanding markets such as mobile banking, transit ticketing and secure ID.

Aconite will use the funding to expand its operations into South East Asia, Australia and the Americas. These are markets that are either mandated to transition their card base to chip, looking to reduce card fraud through the introduction of chip and PIN authorisations, or who are actively pursuing new revenue opportunities from chip-enabled products. The funding will also be used to accelerate the expansion of Aconite’s Affina Enterprise into the new growth markets.

Mike Woods, CEO at Aconite said “To complete a substantial funding round in this challenging economic environment reflects Aconite’s track record of successfully building our business over the last eight years and also the market’s confidence in Aconite’s ability to play a major part in the global smart card market.”

Aconite has secured the funding from a combination of institutional investors, venture capitalists and trade investors.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development