Bureau Veritas acquires ICTK in South Korea and enters smart payment market

06/12/17

ICTK strengthens the Group's leading position in wireless product testing & certification

Neuilly-sur-Seine, France, December 5, 2017 - Bureau Veritas has acquired ICTK Co., Ltd. (ICTK), one of the key global players in smart payment testing and certification services for mobile devices, payment cards and point of sale terminals.

Founded in 2001 and headquartered in the Gyeonggi-do province, South Korea, ICTK provides smart payment security testing and certification against EMVCo(1) and Visa requirements. The company serves international high-tech manufacturers, brands and financial service leaders. ICTK employs 20 people and generated around €3 million revenues in 2016.

ICTK expands Bureau Veritas' capabilities in Smartworld and enables the Group to acquire EMVCo / VISA accreditations. It is a unique opportunity for Bureau Veritas to enter the smart payment market, a segment that continues to expand as consumer demand for contactless and mobile payment grows at a rapid pace. EMVCo / VISA accreditations also open up development prospects in China and the United States.

Bureau Veritas' Chief Executive Officer Didier Michaud-Daniel commented: "This is the third Smartworld acquisition in the last two years adding payment security capabilities to our portfolio, a fast growing segment especially in mobile payments which is experiencing high double digit growth. With Bureau Veritas' leadership position in regulatory and performance testing and ICTK's leadership position in payment security services, our clients will benefit from a complete solution for their products."

Justin Jungwon Lee, Chief Operating Officer of ICTK, stated: "With the continued development of new mobile and smart payment methods, the need for smart payment testing grows apace. As a recognized specialist in this technological niche, we are proud to join forces with a global leader in the Smartworld testing and certification industry."

(1) EMVCo is a global standard and facilitator for interoperability and acceptance of secure payment transactions.

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