Smartmatic announces the sale of its subsidiary Sequoia Voting Systems
Caracas, November 8, 2007.- Smartmatic, a multinational and leading provider of e lectronic voting systems, people registration and authentication technology, and public security systems, announced the sale of its subsidiary Sequoia Voting Systems to a group of private U.S. investors. Sequoia was Smartmatic's election systems unit for the United States of America.
"Smartmatic is the world leader in electoral services, having the most secure and auditable technology on the planet, with advanced projects in five continents. Definitely, it has a promising future", stated Antonio Mugica, Smartmatic's CEO.
Smartmatic sold Sequoia Voting Systems to a group of private U.S. investors comprised by Sequoia's current executive management team, led by Sequoia President & CEO Jack Blaine and the company's Chief Financial Officer, Peter McManemy.
"We are very proud of the performance of Smartmatic's technology in recent elections in the U.S. and other countries", said Mugica. "Sequoia is headed to become the leading provider of elections technology in the United States, as by now it has the most advanced, secure and reliable DRE voting equipment in that market, and offers the only certified voting results transmission system available in that country; both technologies were introduced during the period the company was owned by Smartmatic".
On December 22, 2006, Smartmatic Corporation announced the company's intention to sell Sequoia Voting Systems, given the difficult climate in the United States marketplace, tainted by a non-stop debate against foreign investment, especially in the election technology area.
"After this sale process, Smartmatic, healthier than ever, will concentrate all its efforts on the international market, capitalizing the enormous, untapped opportunities it offers. Our customers in the rest of the world will benefit earlier from our latest developments, as we will be able to deliver new products to the market sooner. When the US market is ready to adopt some of the innovations we have planned for the future, we'll be happy to be of help again", said Mugica.
Smartmatic worked for many months with Sequoia Voting Systems to find an appropriate situation that would be a win-win for both companies. This sale will have no impact for Smartmatic customers or the company?s business operations.