L-1 to buy Bioscrypt

L-1 Identity Solutions Inc. plans to acquire Bioscrypt Inc., a company specializing in access control technologies, for $43.7 million in an all-stock deal.

The acquisition will give L-1 a significant boost in the realm of physical and logical access control, the Stamford, Conn.-based company said.

What's more, the purchase dramatically increases the company's presence in complementary commercial markets, such as transportation, banking and finance and health care, according to L-1.

Bioscrypt has more than 400 customers worldwide and an installed base of more than 260,000 access control units. After the deal closes, Bioscrypt is expected to operate from its headquarters location in Markham, Ontario.

"With this acquisition, L-1 strengthens its leadership position in protecting and securing personal identities and assets by extending into access control, a market that is expected to grow substantially," said Robert LaPenta, L-1's chairman, president and chief executive officer.

L-1 specializes in products and solutions for protecting and securing personal identities and assets. Its biometric solutions for fingerprint, face and iris recognition are used to by commercial and government customers for identification and credentialing.