Systems integrator Diebold announced this week that it has acquired GAS Tecnologia, a Brazilian-based provider of Internet banking, online payment and mobile banking security services. Financial terms of the deal are not being immediately disclosed.
According to a statement, GAS, which protects nearly 70 percent of Internet banking transactions in Brazil and employs more than 125 cyber security experts, will expand Diebold’s expertise and footprint in the market.
"This acquisition marks an exciting time for our company as we look forward to continued growth in the Brazil market," said Diebold President and CEO Thomas W. Swidarski in the statement. "During the past several years, we have experienced great success in this region, and we are confident that GAS will be a meaningful addition to Diebold as we expand our security expertise and industry knowledge in Brazil. Looking ahead, we intend to provide breadth for GAS technology solutions and deliver similar offerings to Latin America and other international markets."
Research indicates that the Internet banking channel has significant potential for further growth in Brazil and already accounts for 30 percent of total banking transactions in the country.
"Industry executives agree that the key challenge for these channels is the security of the transactions, and today GAS is a leader in Brazil in providing logical security systems for this industry," said Joao Abud, Jr. , president, Diebold Brazil . "It is critical to have software solutions that ensure the integrity of transactions against fraud. Our acquisition of GAS is another example of how we are committed to applying and incorporating new technology within our existing solutions portfolio, and delivering on our commitment to provide high-quality products and solutions to our customers in Brazil."