Arm and Gemalto, a subsidiary of Thales, are looking for a buyer for their loss-making cyber-security jv Trustonic.

Last year Trustonic lost €8.3 million on sales of €9.3 million.

Arm and Gemslto have made loans of  €8.4 million to Trustonic this year.

Trustonic has 80 staff headed up by Ben Cade, formerly of Arm.

Trustonic has developed “trusted execution environment” IP for processors which is used by nine out of the top ten biggest selling Android phones.

Customers include Nvidia, Huawei, Samsung, Sony and Motorola.