Crane NXT Co., based in the United States, reports that it has successfully acquired TruTag‘s smart packaging assets. Products for the gaming industry are among the many industries that Crane NXT offers.
A news statement issued on Tuesday states that TruTag offers “secure digitisation of physical products through proprietary secure marking and smartphone authentication”.
The acquisition’s terms were not made public, and the company said in the statement that the deal “will not have a material impact on Crane NXT in 2024.”
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The addition of TruTag’s technology to Crane NXT’s product portfolio, according to prepared remarks by Aaron Saak, president and CEO of the company, is a “exciting expansion” of the group’s capabilities since it “further enhances” the company’s capacity to “provide differentiated and innovative technology solutions” to its clients.
Mr Saak mentioned: “TruTag’s smart packaging technology will also expand our capability for direct-to-product marking in both consumer and industrial applications which will further drive profitable growth.”
Barry McDonogh, the CEO of TruTag, was also quoted in the statement as saying: “The long-standing customer relationships in the apparel, government and industrial markets, along with the alignment to the existing offerings of OpSec [Security Group Ltd], make Crane NXT a natural fit for the smart packaging technology.”
Crane NXT paid US$270 million to acquire OpSec, a company that offers authentication and brand protection services, earlier this year. According to the update, Crane NXT’s OpSec division will integrate TruTag’s smart packaging assets.
The release claims that the smart packaging technology “enhances the ability of brand owners to assure the integrity of their products and supply chains”.
Crane NXT said: “Through an easy to apply, unique signature that can be printed onto labels or direct-to-products and packaging, consumers and brands can authenticate products through their smartphones using a machine-learning based platform that delivers exceptional response times and accuracy.”
Crane NXT announced two weeks ago that it had reached a final agreement with De La Rue Plc to pay GBP300 million (US392.3 million) in cash to acquire the latter’s authentication business.
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