Chip maker Broadcom announced on Sunday that it will acquire SC Square in order to enhance its expertise in smart card security. According to Broadcom, the deal was fixed at approximately US $41.9 million.
Broadcom is an Irvine, California based firm that designs semiconductors used in the wireless communications industry. SC Square is a leading security software provider based in Tel Aviv, Israel.
The company specialises in offering security services for smart cards including e-health cards, debit and credit cards, passports as well as identity cards. SC Square is responsible for the Apollo smart card OS, which comes with a variety of security features for the native smart card OS.
“With SC Square Ltd., Broadcom is acquiring an expert team of engineers focused on security, which is an essential ingredient across Broadcom platforms. This acquisition is part of Broadcom's strategy to acquire innovative technologies and high quality teams with a solid track record of execution,” Broadcom said in a press release.
Broadcom is a fortune 500 company with over 5,100 US patents and over $6 billion in revenue in 2010. Broadcom was recognized in Fortune's 2011 "World's Most Admired Companies" for its work in the fabless semiconductor industry.