HELSINKI (Reuters) - Nokia Oyj and SAP said on Tuesday they would establish a new company providing brand owners technological services to fight multi-billion dollar counterfeit and pirate products business.
"We see a big business opportunity in brand protection services," Nokia's Antti-Jussi Suominen, general manager for Commerce, Corporate Development, said in a statement. The new firm, Original1, will be headquartered in Frankfurt, Germany, and headed by Claudia Alsdorf, currently vice president of SAP Research. The new company is expected to begin operations before the end of 2009.
Nokia and SAP will both hold 40 percent of the new company, while the third partner, German firm Giesecke & Devrient, will hold the remaining 20 percent.
"Today, more than ever, companies need to combat counterfeiting before it's too late, when their company livelihood is at stake," Alsdorf said.
"Original1 will provide a one-stop shop for companies seeking secure services that protect them from counterfeiting, safeguard the value of their brands, and help them develop a more transparent way of working to become more sustainable."
Original1's services will rely on SAP technology and solutions, while Nokia will deliver mobile authentication software and Giesecke & Devrient will offer security solutions for the entire value chain, the companies said.
(Reporting by Tarmo Virki; Editing by Jon Loades-Carter)