Saflink acquires physical access biometric technology
- By William Welsh
- Dec 29, 2003
Saflink Corp. has acquired intellectual property and other assets related to digital identity and biometric-enhanced physical access security technology from Information Systems Support Inc. and BioMetric Solutions Group Inc., the company announced today.
Under the agreement, Saflink of Bellevue, Wash., will pay about $4.1 million for the acquisition, which includes $500,000 cash and 1,122,855 million shares of Saflink's common stock.
ISS of Gaithersburg, Md., and BMG of Charleston, S.C., have agreed not to sell the shares of common stock in the transaction for three years, Saflink said.
Saflink acquired the physical access security technologies to increase its opportunities in existing as well as new markets in both the government and manufacturing process control industries, such as pharmaceuticals, said Glenn Argenbright, Saflink's chief executive officer.
The technologies are expected to be a key component in more than half of the company's revenue in 2004, he said.
As a result of the transaction, Saflink will add a suite of physical access biometric products and technologies to its logical access products and solutions for network access.
Saflink, a provider of integrated enterprise security systems, offers software solutions that verify identity, protect intellectual property, secure information assets and eliminate passwords in order to safeguard and simplify access to computer networks, applications and physical facilities.
William Welsh is a freelance writer covering IT and defense technology.