SoCal Tech
San Diego-based Semtek Corporation, a developer of security technology used for protecting magnetic stripes on credit cards, has scored an investment from VeriFone Holdings, VeriFone said Wednesday. Amount of the investment was not disclosed.
According to VeriFone, it was the lead in a Series B financing for Semtek, doubling its investment in Semtek and also acquiring an option at a future date to purchase the remaining shares in Semtek. The deal also includes a worldwide distribution agreement between the firm for licesing Semtek's encryption technology to point-of-sale hardware vendors. Other investors in the round included Venrock Capital and RRE Ventures. Link to more information
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