Gemplus (now called Gemalto) is a world-leading supplier of smartcards. The business was launched as a spin-out from SGS Thomson when the smart card industry was in its infancy. The company required development capital to support investment in manufacturing facilities. Foresight participated in an institutional syndicate and invested £1.6 million, supporting several rounds of funding. Foresight founder Bernard Fairman joined the company’s board, helping the company through rapid growth and international expansion. Revenues grew to over $1 billion, as smartcards were adopted in mobile phone SIM-cards and for bankcard “chip and PIN”. The company achieved an IPO in December 2000, valuing Foresight’s equity at £53 million, a multiple of over 30 times cost.