Identive Group has entered into an agreement to acquire Smartag, Singapore-based manufacturer of RFID inlays and inlay applications and subsidiary to the French-based group FCI.
The new acquisition will reinforce Identive’s core RFID technology and expand its ultra-high frequency product line and manufacturing capacity. Identive also said the new acquisition would open up new opportunities and channels in the Asia Pacific market, and also add needed manufacturing capacity to its group.
“Having two manufacturing sites in different key markets gives us additional flexibility and the increased capacity will also help fuel our growth in emerging technologies such as RFID-based cashless payments, where our solutions are experiencing rapid growth,” said Ayman S. Ashour, chairman and chief executive officer of Identive Group.
The deal expected to close in November 2010, subject to customary closing terms and conditions.