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nCipher’s separation from Thales dates to January 2019—not 20 years after Thales acquired the business in July 2008. It operated briefly as a standalone business within Thales, then Thales sold it to Entrust Datacard, which completed the acquisition in 2019. nCipher was an enterprise hardware security module (HSM) business, not a maker of consumer cryptocurrency wallets.
What happened to nCipher?
The change happened in stages. SecurityWeek reported that nCipher became a separate standalone HSM business on January 7, 2019, and was officially launched on January 26. Thales described the business in its February 22, 2019 announcement as operating separately within Thales under the nCipher Security brand. Thales then agreed to sell it to Entrust Datacard; Entrust reported that the acquisition was completed in June 2019.
- January 2019: nCipher was separated as a standalone business within Thales.
- February 2019: Thales announced a definitive agreement to sell the business to Entrust Datacard.
- June 2019: Entrust reported completing the acquisition. The business became a segment within Entrust Datacard.
That sequence matters: nCipher did not remain an independent company after its re-emergence. The business moved from Thales to Entrust.
Why the “20 years” headline is misleading
SecurityWeek’s January 29, 2019 headline used the phrase “after 20 years,” but the same article reports that Thales acquired nCipher in July 2008. That is roughly 11 years before the 2019 separation, not 20. The supported chronology is therefore a 2019 separation following Thales’ 2008 acquisition.
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What nCipher made
nCipher’s business focused on general-purpose hardware security modules. An HSM is a secure, self-contained hardware unit that performs cryptographic operations; isolating those operations can help limit access to cryptographic keys. This is enterprise security infrastructure, not a consumer device for storing cryptocurrency.
The UK Office of Fair Trading’s 2008 report distinguishes general-purpose HSMs from payment HSMs. It describes general-purpose uses such as SSL processing, protecting stored data, and securely creating and distributing keys. Payment HSMs, by contrast, support electronic payment transactions. Those are historical descriptions of the market, not a current specification for any nCipher product.
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Why Thales sold the business
Thales said the sale addressed commitments to competition authorities connected with its acquisition of Gemalto. In its February 22, 2019 announcement, Thales Executive Vice-President Philippe Keryer described the announcement as a step in the process regarding the Gemalto acquisition, which Thales then expected to close by the end of March 2019.
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SecurityWeek relayed European Commissioner Margrethe Vestager’s explanation that the condition was intended to allow a strong European competitor in the market while preserving fair prices and product innovation for customers. That statement is reported by SecurityWeek.
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What the companies said about the transaction
Thales reported that the nCipher business generated more than €100 million in revenue in 2018 and employed over 300 people. These are historical figures reported by Thales in 2019, not current financial or staffing data.
At the time of the announcement, Thales described Entrust Datacard as having more than 2,200 employees across 34 locations and serving customers in 150 countries. Those figures likewise reflect Thales’ 2019 announcement and should not be read as current Entrust metrics. Then-CEO Todd Wilkinson called the acquisition complementary to Entrust Datacard’s cryptography and hardware expertise.
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What the transition means for nCipher products and customers
Entrust’s June 2019 customer letter confirms completion of the acquisition and says the business became a segment within Entrust Datacard. The transition placed the nCipher business, including its nShield product portfolio, under Entrust rather than leaving it as a standalone company.
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The available transaction announcements establish that corporate transition, but they do not establish current nShield model names, present-day pricing, or current ownership details beyond the 2019 transition. Customers evaluating a specific product or support arrangement should verify current product and contract information with Entrust.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess an HSM for an organization
The historical distinction between general-purpose and payment HSMs is a useful starting point, but it is not enough to choose a device. An organization should map its needs before comparing vendors or product models.
- Workload: Identify whether the requirement is general-purpose cryptography, payment transaction processing, or both.
- Cryptographic functions: List the operations the system must perform, such as SSL processing, data protection, or secure key creation and distribution.
- Key custody: Determine which keys must remain isolated and who or what is permitted to access them.
- Deployment and integration: Check that the HSM fits the organization’s infrastructure and application workflows.
- Compliance: Identify the requirements that apply to the organization and its workloads; the historical market descriptions do not establish a product’s current compliance status.
- Support continuity: Confirm which vendor supports the specific device, software, contract, and deployment today.
These are procurement questions inferred from the functions HSMs serve, not performance rankings or claims about current nCipher models.
Quick Recap
Sources
- SecurityWeek’s January 29, 2019 report on nCipher’s separation and the reported acquisition chronology.
- Thales’ February 22, 2019 announcement of the sale agreement and historical business figures.
- UK Office of Fair Trading report describing general-purpose and payment HSMs and their historical uses.
- Entrust’s June 2019 customer letter confirming completion of the acquisition.
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