Acquisition of AmaTech Group
Paragon ID is pleased to announce conclusion of arrangements to acquire a controlling interest in AmaTech Group.
AmaTech: innovative technologies at the heart of Paragon ID's strategy
Paragon ID will acquire a very significant majority shareholding in AmaTech Group, an Irish based technology firm specialised in development and production of RFID applications and the AmaTech companies will become subsidiaries of Paragon ID following completion of the acquisition process.
AmaTech’s mission is to provide the banking industry and its key suppliers with best in class technologies and innovations to enable contactless transactions across multiple media and to fight fraud. AmaTech’s experts are recognised worldwide for their technology and inventions in these domains. AmaTech’s main operations are located in a secure facility with clean room in Galway, Ireland.
The acquisition is a clear part of Paragon ID’s strategy to grow its strength and presence in the banking and payment card sector, where AmaTech has particular expertise, as well as developing new applications for RFID, including wearables. Paragon ID’s global sales presence, as well as its existing R&D capabilities, will enable the combined organisation rapidly to bring AmaTech’s unique products to market worldwide.
Speaking about the transaction, Paragon ID Chairman John Rogers said:
“This is a very important acquisition for Paragon. We have clearly identified RFID, Internet of Things (IoT) banking and payment activities for our future development, and AmaTech brings important technology and expertise to Paragon to immediately accelerate this strategy”
Dr. David Finn, CEO and Founder of AmaTech, stated
“My team and I are very pleased to be joining such a powerful and dynamic organisation as Paragon. I see enormous opportunities for the future in this rapidly growing and developing field of RFID, and Paragon ID is exceptionally well placed to deliver into this market for the future”