Submitted by Jan Samols on Tue, 21/05/2013 - 15:32
Computer Lab spin-out Cronto, a provider of secure visual transaction authentication solutions for online banking, has been acquired by VASCO Data Security International, Inc.
VASCO acquired all of the stock of Cronto in exchange for an initial cash consideration of Euro 15 million and contingent cash consideration in the form of an earn-out of up to a maximum of Euro 2 million.
VASCO expects that Cronto will contribute greatly to VASCO's future innovation efforts, due to its knowledge and expertise in advanced statistical data analysis and machine learning algorithms that underpins high speed and reliability of image based transactions and due to its close ties with the University of Cambridge.
