Gimv plans to invest in buy-and-build strategy of French INSIDE Contactless

04/05/2010 - 09:00 | Portfolio

Gimv plans to invest EUR 11,2 million in a series-D financing of its French portfolio company INSIDE Contactless, a leader in contactless secure transaction chips solutions. The series-D financing will be provided by the existing INSIDE shareholders, led by Gimv and Sofinnova Partners. Moreover, this capital round will be joined by French sovereign wealth fund Fonds Stratégique d’Investissement (FSI). This financing will allow INSIDE Contactless to finance the takeover of the Secure Microcontroller Solutions (SMS) business of Nasdaq-listed Atmel Corporation (NASDAQ: ATML). The combination of both businesses has the potential of being a game-changing event in the smart card industry.

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