Who Owns Safran Identity & Security (Safran I&S) Company?

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Who Really Controls Morpho (formerly Safran Identity & Security)?

Understanding the Safran Identity & Security (Safran I&S) SWOT Analysis is crucial for investors and strategists alike. The evolution of Safran I&S ownership, now known as Morpho, reveals a fascinating story of corporate strategy and market adaptation. This exploration delves into the shifts in ownership that have shaped this key player in the identity and security solutions arena. Knowing Who owns Safran I&S is fundamental to grasping its strategic direction.

From its roots within the Safran Group, the company's structure has evolved significantly. This transformation impacts everything from its Safran company's strategic decisions to its ability to compete in the global market. Examining the Safran I&S history and the entities that currently hold sway over Morpho provides valuable insights into its future. The journey of Safran I&S ownership offers a compelling case study in corporate governance and market dynamics.

The story of Safran Identity & Security (Safran I&S) begins not with individual founders, but within the larger structure of the Safran Group. Safran I&S ownership is intrinsically linked to the evolution of this corporate entity. The company emerged from the merger of Snecma and Sagem in 2005, with Sagem's expertise in identity and security solutions forming the foundation of what would become Safran I&S.

As a division within Safran S.A., Safran I&S did not have a traditional founding team with equity splits. Instead, its ownership was entirely held by Safran S.A., a publicly traded company listed on Euronext Paris. This structure meant that initial investments and resource allocations were internal, reflecting its strategic importance within the Safran company.

The 'early backers' of Safran I&S were essentially the major shareholders of Safran S.A., including institutional investors and individual shareholders. The vision for the identity and security division was integrated into Safran's broader strategy, leveraging Sagem's established expertise. This corporate structure placed control and decision-making in the hands of the Safran S.A. board and executive leadership.

Key Ownership Structure

Safran I&S is a division of Safran S.A., a publicly traded company.

Founding Context

Evolved from Sagem, a company with a history in defense and communication.

Early Backers

Major shareholders of Safran S.A., including institutional and individual investors.

Decision-Making

Control and decisions are vested in the Safran S.A. board and executive leadership.

Strategic Alignment

The identity and security division aligned with Safran's broader strategy.

Financial Backing

Initial capital came from internal transfers and investments from Safran S.A.

Ownership and Structure Insights

Understanding the ownership of Safran I&S is crucial for grasping its operational dynamics and strategic direction. The company's structure, as a division within a publicly traded entity, influences its financial performance and market positioning. For more in-depth analysis, including insights into revenue streams and business models, explore Revenue Streams & Business Model of Safran Identity & Security (Safran I&S).

• Safran S.A.'s market capitalization was approximately €40.6 billion as of early 2024.
• Safran's total revenue for 2023 was €23.7 billion.
• The identity and security segment contributes significantly to Safran's overall revenue.
• Safran employs over 92,000 people worldwide as of the latest reports.

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The most significant shift in the ownership of Safran Identity & Security (Safran I&S) occurred in 2017. The Safran Group decided to sell its identity and security business, Morpho, to Oberthur Technologies (OT). This strategic move was valued at €2.4 billion and allowed the Safran company to focus on its core aerospace and defense operations. This transaction led to the creation of a new global leader in identity and security, later rebranded as IDEMIA.

Following the acquisition, the ownership structure of the former Safran I&S, now part of IDEMIA, changed significantly. Instead of being wholly owned by Safran S.A., it transitioned to a new structure. Advent International, a global private equity firm and the majority shareholder of Oberthur Technologies, became the primary owner. Bpifrance, the French public investment bank, also became a significant shareholder in the newly formed IDEMIA. This transition from a subsidiary of a publicly traded conglomerate to a private equity-backed entity fundamentally altered its governance and strategic direction. To learn more about its origins, you can read the Brief History of Safran Identity & Security (Safran I&S).

As of 2024-2025, IDEMIA, which includes the former Safran I&S activities, remains privately held. The major stakeholders are Advent International, holding a significant majority stake, and Bpifrance. While specific percentages are not publicly disclosed, Advent International's controlling interest allows them to exert substantial influence over IDEMIA's strategy. This ownership structure enables long-term strategic investments and operational restructuring, which is common in private equity, with the goal of increasing the company's value before a potential future exit.

Ownership of Safran Identity & Security

The ownership of Safran I&S, now part of IDEMIA, has evolved significantly. The 2017 sale to Oberthur Technologies, backed by Advent International, marked a major shift. Today, Advent International and Bpifrance are the primary stakeholders.

• Advent International holds a significant majority stake.
• Bpifrance is also a significant shareholder.
• IDEMIA operates as a privately held company.
• The strategic direction is heavily influenced by Advent International.

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Understanding the ownership structure of Safran Identity & Security (Safran I&S) is key to grasping its governance. Since Safran I&S is now part of IDEMIA, a privately held company, the composition of its Board of Directors is heavily influenced by its primary shareholders. This structure differs significantly from publicly traded companies, where board representation and shareholder voting rights are more widely disseminated. The current board members and their specific affiliations for 2024-2025 are not publicly detailed to the same extent as for publicly traded companies.

As the majority shareholder, Advent International has significant representation on IDEMIA's board. Board members typically include partners or senior executives from Advent International, ensuring their strategic vision and financial objectives are prioritized. Bpifrance, another major shareholder, also likely has board representation. Independent directors, bringing external expertise and objective oversight, also form part of the board, though their influence is balanced against the majority shareholder's representatives. This structure ensures that the board's decisions align with the strategic goals of the primary private equity owners, aiming to maximize long-term value.

In a privately held company like IDEMIA, the voting structure is primarily determined by the equity stakes of its shareholders. With Advent International holding a controlling interest, they possess the majority of the voting power. Decisions requiring shareholder approval, such as major strategic shifts or significant capital expenditures, are largely driven by Advent International's vote. Proxy battles or activist investor campaigns are not applicable here due to the private ownership structure. To learn more about the company's market, you can read about the Target Market of Safran Identity & Security (Safran I&S).

Board of Directors and Voting Power

The Board of Directors of IDEMIA, which includes the former Safran Identity & Security, reflects its private ownership structure. Advent International, as the majority shareholder, holds significant influence over the board. Voting power is primarily determined by equity stakes, with Advent International controlling the majority.

• Advent International has significant board representation.
• Bpifrance also likely has board representation.
• Voting power is primarily determined by equity stakes.
• Decisions are largely driven by Advent International's vote.

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In the past few years, the ownership structure of IDEMIA, which includes the former activities of Safran Identity & Security, has primarily been held by Advent International and Bpifrance. The most significant change occurred in 2017 when Advent International acquired Oberthur Technologies and rebranded it as IDEMIA. Since then, the focus has been on integrating the businesses and implementing a growth strategy under private equity ownership. This strategic shift reflects a broader trend in the identity and security solutions sector.

While not publicly traded, IDEMIA has pursued strategic acquisitions to expand its capabilities and market reach. A notable example is the 2023 acquisition of a controlling stake in Arjo Systems, a French cybersecurity company. This inorganic growth strategy is typical for private equity-backed companies aiming to increase market value. Leadership changes, particularly at the CEO level, have been driven by the board's strategic direction under Advent International's guidance. These changes aim to optimize performance and market penetration. The evolution of Safran I&S ownership demonstrates the dynamic nature of the identity and security market.

The identity and security sector sees trends like consolidation and increased private equity involvement. Private equity firms, such as Advent International, are drawn to the growth potential of digital identity, biometrics, and secure transactions. This allows for focused investment and restructuring. For more insights, you can explore the Competitors Landscape of Safran Identity & Security (Safran I&S). Private equity firms typically seek an exit within a certain timeframe, which could involve a public listing or sale.

Ownership Stability

The ownership of IDEMIA, formerly Safran Identity & Security, has been relatively stable in recent years. Advent International and Bpifrance remain the primary owners. Strategic acquisitions have been a key part of their growth strategy.

Strategic Acquisitions

IDEMIA has made strategic acquisitions to broaden its capabilities. The acquisition of Arjo Systems in 2023 is a prime example. This approach is common for private equity-backed companies.

Industry Trends

The identity and security sector shows trends like consolidation. Private equity firms are attracted to the growth potential. This allows for focused investment and restructuring.

Future Outlook

Private equity firms often seek an exit strategy within a specific timeframe. This might involve a public listing or a sale. The sector remains dynamic.

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