Cambridge online banking authentication spin-out Cronto has been sold to data security firm VASCO for just under $22m.
US-based VASCO acquired all of the Cronto stock in exchange for a cash settlement of €15m with a further earn-out of up to €2m.
Cronto, founded in 2005 as a Cambridge spin-out, specialises in providing image-based transaction authentication, known as CrontoSign, for online and mobile banking. Also known as photoTAN in Germany, the company provides security for a number of banks, most recently German bank Commerzbank AG. VASCO plans to adds CrontoSign to its current product offering.
Igor Drokov, chief executive and co-founder of Cronto, said: “CrontoSign helps to bring trust in the online environment and to protect against Man-in-the-Browser and social engineering attacks. It is also highly accepted by the end users due to the simplicity of its operations, delivering the secure “What you see is what you sign (WYSIWYS)” experience at one touch of a button. Joining forces with VASCO will allow us to leverage their leading position in the global authentication & security market bringing this and future products to new customers and new applications worldwide.”
