Biometrics players Identix and Visionics merge
Identix Inc. and Visionics Corp. will merge with an all-stock transaction valued at about $600 million.
Biometrics solutions providers Identix Inc., Los Gatos, Calif., and Visionics Corp., Jersey City N.J., have agreed to merge, the companies announced Feb. 22.
The expected transaction, which will be all stock, is valued at approximately $600 million and was unanimously approved by the boards of directors of each company. In this planned merger, Visionics shareholders will receive 1.3 shares of Identix common stock for each share of Visionics common stock.
Both companies will keep their office locations. Joseph Atick, Visionics' chairman and chief executive officer, will serve as the chief executive officer of the new enterprise. Robert McCashin, Identix's chairman and CEO, will serve as chairman.
"I believe we can accelerate revenue growth by taking advantage of immediate up-sell and cross-sell opportunities in every market in which we currently operate," Atick said.
The name and headquarters of the newly combined company have not yet been decided, according to a company spokesperson.
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