Keycorp sells smart card business for $25m

in brief Struggling Australian smart card and point of sale company Keycorp today said it would sell its smart card business for $25.3 million to an unnamed international company.

Keycorp said the deal, expected to close by the second week in September, was a strategic move that would allow it to focus on its managed services business.

"The deal produces significant value for Keycorp, and will enable the company to evaluate other opportunities in the Australian and Asian markets," said Keycorp chief executive Ken Carr.

Keycorp had said in January that it remained "committed" to the smart card business, along with the development of new technologies in the area.