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Date: 09-04-14

INSIDE Secure acquired Metaforic

INSIDE Secure has acquired Metaforic, a developer of software obfuscation technologies and encryption-related security software for mobile payment and mobile banking markets and such security sensitive applications. Metaforic technologies secure Host Card Emulation (HCE)-based mobile payments, mobile wallets and mobile banking applications. A venture capital-backed company, Metaforic has headquarters in Scotland and operations in Silicon Valley (California). INSIDE Secure paid US$11.6 million in cash in consideration for the shares, and could pay in 2015 an additional amount of up to US$4.5 million subject to completion of certain 2014 business milestones. Commenting on this announcement, Rémy de Tonnac, Chief Executive Officer of INSIDE Secure, said:: "Metaforic acquisition is superbly aligned with INSIDE Secure’s strategy. Metaforic brings critical technologies to address HCE-based, cloud-based mobile payment solutions which will become mainstream following support announced by major payment brands. It will uniquely position INSIDE Secure as the only company able to provide security solutions for enterprise secure access, digital entertainment and financial services markets, the three key market drivers for mobile security.” Andrew McLennan, Chief Executive Officer of Metaforic, stated: "We are delighted to join INSIDE Secure and bring our key software obfuscation and encryption-related security software, in order to accelerate our jointly held vision to secure all aspects of mobile life. The tight integration of Metaforic’s technology within INSIDE Secure’s offering will bring to the market the world’s most comprehensive, mobile security system solution.”

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