Viisage to buy Trans Digital Technologies
- By William Welsh
- Feb 17, 2004
Viisage Technology Inc. is acquiring Trans Digital Technologies Inc., a provider of technologies and services for U.S. passports, for a mix of cash, notes and newly issued shares of Viisage stock, the company announced today.
As part of the transaction, Viisage of Littleton, Mass., will exchange 5.85 million newly issued shares of Viisage common stock worth about $29.6 million, plus notes and cash equaling about $20 million for all outstanding shares of Arlington, Va.-based TDT stock.
Viisage's stock closed yesterday at $5.04, with a 52-week high of $5.78 and low of $3.01.
The acquisition will provide Viisage with border management applications, a strong presence in the federal government market and new technological capabilities in secure document offerings, the company said.
"The acquisition of TDT?expands our presence in the identity solutions market and significantly extends our presence in the U.S. federal government market," said Bernard Bailey, Viisage's chief executive officer.
The acquisition also is attractive to Viisage from a financial standpoint because of TDT's backlog, said Bill Aulet, Viisage's chief financial officer.
TDT's backlog of contract orders includes a five-year, $65 million contract the company won last year from the State Department's Bureau of Consular Affairs to provide high-security production systems for U.S. passports.
B.G. "Buddy" Beck, TDT's president and CEO, will join Viisage's board of directors following the acquisition.
Viisage, a provider of technology identity solutions for government, law enforcement agencies and commercial businesses, has more than 100 employees and annual sales of $37 million.
William Welsh is a freelance writer covering IT and defense technology.