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Gemalto posts 23% revenue surge

Growth attributed to banking-security sales, SafeNet acquisition

IT Business, Financial news, Gemalto NV (www.gemalto.com/index.html)

Cyber-security specialist Gemalto posted a 23% year-on-year revenue surge, as its banking-security division saw a boost in sales and US demand rose on the back of the Dutch company's acquisition of US security firm SafeNet, Reuters reported.

Revenue rose to EUR769m and Gemalto's payment and identity business grew 51% to EUR469m.

Gemalto acquired SafeNet in 2014 for $890m as a means to broaden its presence in the US market and add SafeNet's expertise in the area of data encryption.

Sales in Gemalto's mobile business dropped 17% to EUR299m, on flagging demand in its Latin America and Asia operations.