Viisage Technology today announced the completion of its $28 million acquisition of privately-held SecuriMetrics, a provider of handheld iris recognition and biometric devices, software applications and services.
Complementary technology acquired from SecuriMetrics will enable Viisage to better target military applications and civil and consumer identification programs, Robert V. LaPenta, chairman of the board of Viisage, said.
With the addition of iris recognition, he added that Viisage will be able to offer multiple and multi-modal biometric capabilities including finger, face and iris recognition.
After completion of its pending Identix merger, LaPenta claimed that Viisage will become the only U.S.-based manufacturer of a full range of handheld and multi-modal biometric solutions encompassing iris, finger and face recognition.
"Viisage momentum continues as we add an additional important modality to our identity solution portfolio with SecuriMetrics iris recognition capabilities," said LaPenta.
In addition, "customer synergies" between the two companies will offer the opportunity to develop business within government agencies, particularly those focused on national security.
The intention to acquire SecuriMetrics was first announced by the companies on Feb. 6.
SecuriMetrics is expected to add approximately $15 million in 2006 revenue to Viisage, which paid $28 million in cash for the firm, net of the $2 million in cash on the acquired company's balance sheet.
SecuriMetrics shareholders have the opportunity to earn up to an additional $13 million in consideration if key performance thresholds and contingencies are reached. Of that amount, $11.5 million would be paid in shares of Viisage common stock at a fixed price of $17.69 per share. The cash portion of the purchase price is being funded from the initial $100 million investment that L-1 Investment Partners made in Viisage in 2005.
SecuriMetrics business operations will remain in its current location in Martinez, Calif.
