Following the signing of their MOU in March 2006, Network International LLC and Oberthur Card Systems are pleased to announce today a Join Ventures agreement. The newly formed company named Obernet will become a more innovative, nimble and efficient card solution provider in the Region payment market offering a comprehensive range of advanced solutions.
The new company will benefit from Network International's deep knowledge of the regional market, skilled personnel and strong commercial presence in the area - relying on production facilities in Dubai, coupled with Oberthur Card Systems expertise in EMV card development - over 180 million EMV cards shipped and a proven track record in 150 projects worldwide - and chip card personalization complete solution.
A smooth migration towards Oberthur Card Systems personalization software (CPS) and processes will be organized in a very short time scale.
Abdulla Qassem, Chairman, Network International said “Technology changes and convergence are shaping a new, competitive and dynamic environment thereby creating tremendous opportunity. The partnership is a natural coming together of two leading card solutions providers that assures substantial value for customers and stockholders of both Network International and Oberthur Card Systems. Our focus is on providing great service and innovative, competitively priced products for consumers and businesses throughout the Middle East. Together, we will lead the way into a new era of converged and bundled card solutions ranging from card plastic manufacture, card processing, EMV certified personalization and impeccable after-sales service.
Olivier Leroux, M.A.R.S. Managing Director at Oberthur Card Systems added: “Oberthur Card Systems is a leader in payment card technology; the evolution from magnetic stripe to EMV cards all over the world has provided a starting point for the Company personalization centre deployment. With more than 10 million payment cards in circulation, Middle East is one of the largest markets migrating to EMV and volumes are expected in the next months as it gains momentum. Thanks to this agreement, Oberthur Card Systems continues to pursue and reinforce its geographical expansion with the aim of broadening its technological expertise“.
About Oberthur Card Systems
With sales of 500.8 million Euros in 2005, Oberthur Card Systems is one of the world’s leading providers of card-based solutions, software and applications including SIM and multi-application smart cards as well as services ranging from consulting to personalization.
Innovative products, security expertise and high quality services ensure Oberthur Card Systems’ strong positioning in its main target markets:
Payment & Services: 53% of 2005 revenues. A world leading supplier of Visa and MasterCard payment cards
Mobile Communications: 32% of 2005 revenues, with open and interoperable solutions based on Java™ technology.
Identity: strong positions in ID projects throughout the world
Multimedia: leading position in the Pay-TV market with an end-to-end expertise in the value chain: software development, manufacturing and personalization
Transit: focus in the high-end segment with a microprocessor-based offer
Close to its customers, the company benefits from an industrial and commercial presence across all five continents. Listed on the Euronext Stock Exchange (ISIN: FR0000124133) since July 2000, Oberthur Card Systems is a subsidiary of the François-Charles Oberthur Group.
