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 Headquarter of Giesecke+Devrient in Munich | |
| Company type | Gesellschaft mit beschränkter Haftung |
|---|---|
| Industry |
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| Founded | June 1, 1852; 173 years ago (1852-06-01) inLeipzig,Kingdom of Saxony |
| Founder |
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| Headquarters | Munich,Germany |
Number of locations | 123 locations in 40 countries (2024) |
Key people |
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| Products |
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| Revenue | €3,132 billion[1][2] (2024) |
Number of employees | 14,435 (2024) |
| Website | www |
Giesecke+Devrient GmbH (G+D) is a German international security technology company operating in the fields ofdigital security, financial platforms, and currency technology. Founded in 1852, the company evolved from a manufacturer ofbanknotes, substrates, banknote processing machines, securities, ID documents (such asnational ID cards andpassports), and payment cards to a provider of security technologies in payment systems, identities, connectivity, and digital infrastructures. The company's headquarters are located inMunich.[3][4]
G+D operates in 40 countries worldwide and achieved sales of €3.13 billion in 2024.[1][5][2] As of 2024, the company produces banknotes for 145 central banks globally.[6]
Founded in 1852 by Hermann Giesecke (1831–1900) and Alphonse Devrient (1821–1878), the firm initially specialized in high-quality printing, notably currency and securities printing.[7] Two years after its founding, G+D printed its first banknote—a 10-thaler note for the Weimarische Bank. By the time of theProclamation of the German Empire, more than two-thirds of Germany's private and state banks had become clients of G+D.[8]
From the 1850s to the 1870s, the firm printed some important biblical editions ofConstantin von Tischendorf. The partnership's reputation for quality work was confirmed at the 1867international exhibition in Paris.[9] In 1873, the company began printing banknotes for clients outside Europe, starting with an order from Banco de Piura inPeru, followed by commissions from different countries and empires such as Siam and the Ottoman Empire.[8][10]
In an attempt to eliminate the national debts, the government of theWeimar Republic had massively expanded the money supply after the end of the war in 1918, which led tohyperinflation in the 1920s. Due to therampant currency devaluation, the Reich's printing office was no longer able to meet the rapidly growing demand for banknotes. This prompted the Reichsbank to commission private printing companies – including G&D – to print banknotes.[11] It also printed tickets to the1936 Olympics inGermany and did business withSpain under Franco.[12]
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AfterWorld War II, Leipzig ended up becoming part of the communistEast Germany, and the company's printing facility was nationalized by the government asVEB Wertpapierdruckerei and began printing banknotes ofEast German mark.[13] In 1948, the company was re-established inMunich by Siegfried Otto, husband of Jutta Devrient, a descendant of Alphonse Devrient.[10][14]
In 1958, Siegfried Otto internationalised the company by founding a subsidiary inMexico.[15] The same year, the company received a commission fromDeutsche Bundesbank to printDeutsche Mark banknotes.[8]
In 1970, Siegfried Otto founded theGesellschaft für Automation und Organisation mbH (GAO), which served as the hub for G+D's research and development activities for more than 30 years. The GAO primarily focused on modernising and automating banknote processing and payment transactions.[16]
Since the 1970s, G+D has expanded operations to includebanknote processing systems, smart cards,SIM cards, identification systems, security technology, and e-payments.[17] In 1975, G+D delivered the first automated banknote whose authenticity could be verified by machine-readable features.[18]
From 1990 onwards, G+D expanded its offerings in the field of chip cards.[19] This led to several innovations, including the introduction of the first health insurance card in 1993,[20] the first multifunctionalEurocheque card with an electronic wallet function in Austria in 1995,[21] and the world's first SIM-based mobile banking application in 1998.[22] By the mid-1990s, G+D had established itself as a supplier of cards, and terminals for Germany'sGeldkarte system. Shortly thereafter, a new business segment, Security Systems, was created for information and network security. Following German reunification, G+D reacquired its original headquarters in Leipzig in 1991, integrating it into the Munich-based group as a site for security printing and banknote production. That same year, the company delivered its first SIM card.[23]
In 1999, Giesecke+Devrient acquired the British American Bank Note Company and renamed it toBA International Inc.[24] G+D has been printing for theEuropean Central Bank (alongsideBundesdruckerei and other security printers) since 1999.[25] In 2002, the company was responsible for the development, design, and printing of a new banknote series forAfghanistan.[26] Over the following years, G+D developed Visa personalisation systems for countries such asKazakhstan,Serbia, andItaly, as well as producing electronic health cards, including forTaiwan.[27]
In 2004, G+D acquired the IT security service provider Secunet (Secunet Security Networks AG) and initially held 47% of the shares.[28] In 2009, the company increased its stake to 79%.[29]
In 2012, G+D launched its firsteSIM on the market; a digital version of the conventional SIM card that is permanently installed in the device and does not require a physical card. These are used in smartphones, watches and cars, among other things.[6] The same year, Giesecke+Devrient closed BA International Inc.
A second printing line was opened inMalaysia in 2013, doubling the capacity of the local banknote printing plant.[30]
Giesecke+Devrient have a history of doing business withRhodesia and its successor stateZimbabwe going back to 1965, and they have been supplying security paper for banknotes, passports and other instruments to the government of Zimbabwe throughout thehyperinflation in Zimbabwe.[12]
In June 2008 U.S. officials announced they would not take any action against the firm.[31] It was reported that on 1 July 2008 that Giesecke+Devrient would no longer have aReserve Bank of Zimbabwe partnership.[32] Dr. Karsten Ottenberg, CEO and Chairman of the G+D Management Board, explained:
"Our decision is a reaction to the political tension in Zimbabwe, which is mounting significantly rather than easing as expected, and takes account of the critical evaluation by the international community, German government and general public."[32]
In January 2015, G+D foundedVeridos GmbH inBerlin as a cooperation withBundesdruckerei, with G+D holding 60%. This company is offering secure identification products for governments, such as ID cards, passports, and automated border control systems.[33][34] In the same year, G+D closed its banknote printing facility in Munich, increasing printing capacities at its Leipzig site. Additionally, the company relocated its chip card personalisation operations toNeustadt nearCoburg.[35][36]
In 2017, Giesecke+Devrient joined theVerimi identification platform, which together with more than a dozen well-known German and foreign companies, offers a portal for the protection of digital identity and personal data.[37] G+D has held a 10% stake inVerimi since January 2018.[38]
At the same time, the company underwent restructuring and transformed into a holding structure, distributing its business activities across four subsidiaries.[34] In April 2018, the company's name was slightly modified fromGiesecke & Devrient (G+D) toGiesecke+Devrient (G+D). The business was divided into the unitsG+D Currency Technology (including the Louisenthal paper mill), Secunet, Veridos, andG+D Mobile Security.[39] That same year, G+D raised €200 million through a promissory note loan.[40]
In July 2018, G+D secured a contract to produce electronic passports for the residents ofBangladesh. Over a ten-year period, the company will supply 160 million passports as part of a €340 million deal, marking one of G+D's largest projects.[41] The same year,Build38 was created as a spin-off and took over part of the Mobile App Security and Intelligence portfolio. It has its head office inMunich, development inBarcelona and sales office inSingapore. It provides in-app protection systems to manage mobile apps on insecure mobile devices.[42]
In 2019, G+D acquired a 4.85% stake in Berlin-basedBrighter AI Technologies GmbH to support developments in biometric identity protection, such as facial anonymisation.[43] In the same year, a decision was made to repurpose part of the company headquarters in Munich-Steinhausen.[44] The old building, constructed between 1953 and 1959, was demolished in 2020. A new structure, completed in 2024[45][46] and namedDer Bogen (the arch), provides space for retail, restaurants, and offices.[47][48]
In 2020, G+D Ventures acquired stakes in the crypto-asset companyMetaco and a 30% share in Swiss software companyNetcetera.[49] By January 2024, its stake in Netcetera was increased to 95% to accelerate growth in digital payment systems.[50] Additionally, G+D developedFilia, a central bank digital currency designed as digital cash for offline payments via smartphones or smart cards.Filia does not require a bank account or network connection, ensures no private data is disclosed, and incurs no transaction fees.[51]
In 2021, G+D acquired the BritishPod Group active in scalableinternet of things (IoT) connectivity technologies. It invested into the start-upsFNA andStashcat for secure communications. That same year, G+D launched its first pilot projects in the field ofcentral bank digital currencies (CBDCs), including collaborations with theBank of Ghana and theBank of Thailand.[52] A year later, G+D acquired the payment and identity business units ofValid USA, including three production facilities inIllinois andIndiana, employing over 400 staff in total.[53]
In 2023, G+D acquired the Munich-based companyMecomo AG. This acquisition is aimed at expanding its IoT application divisions. Mecomo, headquartered inUnterschleißheim, employs approximately 60 staff.[54][55] In the same year, G+D activated its 100 millionth eSIM.[56]
In March 2025, Security Papers Limited (SPL) which is a subsidiary ofPakistan Security Printing Corporation, awarded a paper machine upgrade project worth Rs3.4 billion to a Giesecke+Devrient (G+D).[57]
In November 2009 Giesecke+Devrient announced plans to form a new company withSAP AG andNokia Corp., namedOriginal1, to deliver product authentication and anti-counterfeiting services globally. The headquarters is in Frankfurt, Germany. Original1 offersuser authentication,end-to-end encryption of theinformation flow anddatabase encryption.[58] Original1 On-Demand is an online product for brand product protection.[59]
As of August 2012, Original1 is in liquidation. The supervisory board (40% SAP, 40% Nokia, 20% Giesecke+Devrient) dismissed the 3 managing directors with 6 months notice and 6 months severance. The remaining employees were dismissed with 3 months notice and no severance.[citation needed]
Giesecke+Devrient GmbH is the parent company of the G+D Group and is headquartered in Munich. It is led by Ralf Wintergerst. As of 2024, G+D has 123 subsidiaries, ten of which are located in Germany.[60]
The corporate group consists of Secunet, G+D Ventures, Veridos, and Netcetera. G+D is the majority shareholder ofSecunet Security Networks, which is based in Essen, holding 75.11% of its shares as of 2021.[61] Since 2018, G+D Ventures has been investing in start-ups in the TrustTech sector, backing technologies that improve trust in digital processes. They provide financial support as well as access to the G+D Group's network. Veridos, based in Berlin, operates in the field of identity technologies, developing physical and digital identification documents as well as identity management and verification applications.[62] Netcetera is an IT service provider active in software applications and digital services, primarily in the banking, mobility, and healthcare sectors.[63][64]
With its products, the company is among the global market and technology leaders.[65]
The company's archival materials are housed at the Saxon State Archives (State Archive Leipzig) under the collection number 21061.[66]
The company offers products and applications for security technology (SecurityTech) in three segments, each of which generated sales of just under one billion euros in 2023.[5][1]
The Digital Security segment[50] includes applications in the fields of connectivity and theInternet of Things (IoT),[67] identity technology, and digital infrastructures,safeguarding and managing sensitive systems, networks, data, and identities.[68] This includes technologies such as SIM,eSIM, and iSIM cards,[5] identity documents and management systems, as well ascybersecurity applications[69] for customers including governments,[70] public authorities, healthcare providers, and industries.[71][50]
G+D's SecurityTech includes applications for identity protection and the safeguarding of sensitive data through verification and authentication technologies.[69] For example, G+D encrypts government documents and developsbiometric border control systems for airports.[6] G+D also supplies smartphone manufacturers likeApple andSamsung with eSIMs and the associated management systems.[3]
The Financial Platforms segment[50] includes integrated applications for payments and banking. The offering covers all steps of the financial services process – from registration andauthentication to card issuance,digital banking, and checkout ine-commerce.[50][5][72] Additionally, G+D supports banks in meetingESG requirements.[72][73]
The Currency Technology segment[50] includes applications for the entire cash cycle, both physical and digital. This includes counterfeit-resistant banknote designs, highly secure banknote production andprocessing, as well as digital currency offerings such ascentral bank digital currencies (CBDC).[50][73] In addition, G+D supports central banks in developing efficient cash cycle applications and payment technologies for both physical and digital currencies.[3][73]
The following key financial figures relate to the consolidated financial statements in accordance withIFRS and Section 317HGB and were published in the company's annual reports.[74][1][2]
| Year | Sales revenue EUR M | Gross profit EUR M | Net income EUR M | Employees Abroad | Employees Germany |
|---|---|---|---|---|---|
| 1999 | 902 | 325 | 40.0 | 1833 | 3310 |
| 2002 | 1088 | 358 | 23.5 | 2819 | 3606 |
| 2004 | 1157 | 359 | 38.4 | 3852 | 3485 |
| 2006 | 1297 | 388 | 81.1 | 4947 | 3348 |
| 2008 | 1689 | 528 | 111.0 | 6102 | 3747 |
| 2009 | 1684 | 503 | 104.5 | 6230 | 3892 |
| 2010 | 1688 | 564 | 80.5 | 6493 | 3920 |
| 2011 | 1635 | 521 | 52.4 | 6613 | 3941 |
| 2012 | 1789 | 530 | 39.0 | 7125 | 4088 |
| 2013 | 1754 | 505 | 2.6 | 7516 | 4144 |
| 2014 | 1833 | 461 | 73.3 | 7286 | 4167 |
| 2015 | 2011 | 538 | 54.5 | 7432 | 3947 |
| 2016 | 2089 | 589 | 52.5 | 7453 | 3847 |
| 2017 | 2136 | 619 | 67.0 | 7613 | 3987 |
| 2018 | 2246 | 613 | 50.2 | 7247 | 4142 |
| 2019 | 2447 | 653 | 80.4 | 7281 | 4229 |
| 2020 | 2313 | 654 | 42.9 | 7137 | 4345 |
| 2021 | 2377 | 684 | 85.2 | 7366 | 4402 |
| 2022 | 2527 | 168 | 80.6 | 7969 | 4635 |
| 2023 | 2973 | 176 | 92.1 | 9329 | 4874 |
| 2024 | 3132 | 187 | 88.3 | 9520 | 4915 |
In 2010, shareholder Verena von Mitschke-Collande founded the G+D Foundation[75] to support institutions and develop projects focusing on art, culture, and education. The foundation is a supporter of the Museum of Printing (Museum für Druckkunst) inLeipzig, which promotes courses for children and young people and organises informational events to convey knowledge about the cultural history of typesetting, printing, and bookbinding.[76] Since October 2021, the G+D Foundation has managed the Giesecke+Devrient Foundation Banknote Collection, which, with more than 300,000 banknotes, is one of the most significant collections of its kind.[77]
Sustainability measures include thedecarbonisation of business operations with the goal of achieving net-zero emissions by 2040,[78] the transition to 98%green electricity, and emission reductions through efficiency improvements, such as the use of 5G networks.[79] Additionally, G+D develops sustainable products such as recyclable payment cards and environmentally friendlye-passports.[80] Recyclable payment cards are produced in collaboration withDeutsche Bank andMastercard. In 2023, Deutsche Bank announced plans to switch around 19 million bank cards to recycled materials by the end of 2024.[81] This switch will result in a CO2 reduction of approximately 65% compared to traditional methods.[82]
In 2022, G+D launched the Green Banknote Initiative. The goal of the initiative is to make the production and lifecycle of banknotes more sustainable, thereby reducing the environmental impact of banknote production.[83][84]
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