Viisage set to close on purchase of European firm
- By Patience Wait
- Jan 26, 2004
After months of delay, Viisage Technology Inc.'s shareholders have approved issuing more than 5.2 million shares of common stock to complete the acquisition of ZN Vision Technologies AG, a privately held German company specializing in face recognition technology.
The value of the transaction is estimated at $30 million.
Viisage announced its intent to buy the German firm in March 2003.
Completing the purchase was delayed while the company addressed accounting practices for booking revenue on state driver's license contracts questioned by the Securities and Exchange Commission.
With this acquisition, Viisage now has one of the largest customer bases for facial recognition technology, according to the company.
Using the technology of both firms, Viisage holds contracts with law enforcement and government agencies such as the state of Oklahoma, the province of Alberta, Canada, and the United Arab Emirates.
Based in Littleton, Mass., Viisage deploys identity solutions at departments of corrections, social services agencies, foreign government offices and motor vehicle departments in 16 states.
The company posted 2002 revenue of $32.3 million before the accounting change agreed upon with the SEC.