ActivCard buys into banking security

Identity management firm ActivCard announced on Tuesday that it has acquired Aspace Solutions, which creates systems to identify banking customers over ATM networks and the Internet. ActivCard had owned 49 percent of the company and purchased the remaining 51 percent on Tuesday for a cash and stock payment of $9.7 million with a potential bonus of $9.7 million if certain milestones are reached.

The software created by Aspace helps banks authenticate customers regardless of how users access the system. ActivCard already provides some banks with identity management systems, such as Barclays in the United Kingdom and First Republic Bank in the United States.