NFC Times Exclusive Insight – Inside Secure, once a supplier of NFC controllers, is also exiting the market for NFC embedded secure elements, a product for which it never gained any traction. But the France-based vendor says it will continue to supply security for HCE payments apps.
Inside last Thursday announced that it plans to sell its semiconductor unit as well as cutting 15% of its workforce as dismal financial results continued in the second half of 2015.
The vendor, a pioneering supplier of NFC technology, has tried unsuccessfully the past few years to turn a profit by focusing on security software for mobile payments and content, along with other embedded security, as well as licensing its NFC technology. But Inside reported Thursday that overall sales plunged for the year by 44% to $70.1 million and recorded an operating loss of $21 million. Net losses were even worse, at a whopping $44.6 million.