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Nokia Ousted at NFC Technology Company
(01 Dec 2009, BWCS Staff)German technology company Giesecke & Devrient has bought out Nokia to become the sole shareholder in Venyon Oy, one of the leading lights of the emerging mobile near field communications (NFC) market. Venyon was founded in 2006 and Nokia has long been a major shareholder. The NFC company is well-known as a trusted service manager, provisioning and managing applications such as credit cards or transit tickets securely over the mobile network on the user's NFC-enabled mobile phone. According to a press release from the Munich-based Giesecke & Devrient, Venyon is well positioned to provide aggregating TSM services between mobile network operators issuing NFC-capable SIM cards and service providers such as transit companies and banks.
Karsten Ottenberg, CEO of Giesecke & Devrient, commented, "The market for NFC solutions is expected to develop steadily. Venyon has built up leading service expertise in the NFC ecosystem, which will also be useful to us in other business sectors."
G&D believes that the demand for NFC services is increasing worldwide and it believes its own position in the SIM and secure applications market should help Venyon in its quest to provide TSM services to banks, transit operators, mobile network operators and other stakeholders planning to commercialise their NFC services.
Giesecke & Devrient generated revenues of euros 1.7 billion in 2008 and has some 10,000 employees worldwide. It has made its name in the world of banknote and banknote paper production and processing, smart card solutions for telecommunications and electronic payment, and security documents and identification systems.
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