Setec is a privately held company based in Finland with an annual turnover of 58.5M€ under Finnish GAAP and around 350 employees in 2004. The company is growing above industry rates and enjoys strong profitability. Most activities are based in Nordic countries and the company supplies passports and e-passports to Finland, Sweden, Denmark, Norway and Lithuania. Setec is part of the consortium that was recently awarded the Singaporean e-passport, in cooperation with Gemplus. Setec fits perfectly into Gemplus‘ strategy for Identity and Security as it has particular strength in this field with Government and Identity solutions representing 59% of their annual revenue. In addition to this, the company is well placed to take advantage of EMV migration within the financial services industry and offers complementary, geographical activities in Telecom. remi.calvet@gemplus.com www.gemplus.com