The Galway-based producer of radio frequency identification (RFID) products, Aontec Teoranta, has been acquired by German firm, Assa Abloy, which specialises in technology for door security.
Aontec Teoranta was originally owned by German firm Amatec until a buyout in 2002 following Amatec’s bankruptcy.
The Irish RFID company, which has 148 employees, is currently one of the largest global suppliers of the RFID inserts for electronic passports, a market set to grow quickly in the next few years.
It also produces inlays for RFID disc tags and smart key fobs which can be used for contact-free purchasing, security and ticketing.
Aontec, established in 1997, is expected to have sales reaching €15m for 2007, up €3m from last year.
Juan Garcia, CEO of Assa, said that the acquisition of Aontec is part of a strategy to expand its global market share, along with the planned purchase of a similar firm in Malaysia.
“Through Aontec’s global presence we deliver to more than 15 countries including Germany, Spain and the UK. This puts us into a position where we can further increase our global market presence for inlays,” said Garcia.
By Marie Boran