VASCO will add the patented CrontoSign products to its offerings for the global banking market. In a later phase, VASCO anticipates that Cronto's products will be integrated into MYDIGIPASS.COM, VASCO's strong authentication platform to secure the consumers' online applications/accounts.
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.
"The acquisition of Cronto is a strong example of VASCO investing in its future growth," states T. Kendall Hunt, VASCO's Chairman and CEO. "Through our make-or-buy strategy for new technologies, we will keep scanning the market for suitable companies to join VASCO. Today, we would like to welcome Cronto's management and staff into the VASCO family."
"Our objectives are to reinforce our leadership position in the banking authentication market and to become a successful business-to-consumer authentication services provider. The acquisition of Cronto is a significant step forward in helping us achieve both objectives," says Jan Valcke, VASCO's President and COO. "Cronto adds important innovative authentication technology to VASCO's technology portfolio, traditionally a point of attention for a market driven company like VASCO.""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." said Igor Drokov, CEO and co-founder of Cronto. "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."