French company Oberthur Technologies is looking to expand its mobile payments capabilities. Oberthur, better known as a provider of security solutions and identification technology, announced it has entered an agreement to purchase MoreMagic Solutions, a Waltham, Mass.-based mobile financial services company.

MoreMagic has participated in a number of mobile money deployments around the world, and has partnered with companies like Western Union and Nokia Siemans Network in the past to offer mobile top-up services, domestic and international mobile money transfer, mobile banking and mobile payments to network operators and financial institutions.

According to Oberthur, together the two companies will create a comprehensive mobile money services suite including secured end-to-end payment and money transfer services for MNOs and FIs to offer mobile financial services like proximity, remote payment and mobile banking.

Oberthur CEO Xavier Drilhon said MoreMagic is a good fit with Oberthur's long-term strategy to provide a wider range of secure services as technologies like NFC begin to spread. 

"The acquisition of MoreMagic is fully in line with our growth strategy, notably in our solutions business and more specifically in the NFC ecosystem," Drilhon said in the announcement.

The two companies have collaborated in the past, and Pankaj Gulati, CEO of MoreMagic, said he believes the new deal represents a natural evolution of an already successful partnership

Oberthur said the acquisition still faces the normal regulatory approvals before being completed.

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