Security Biometrics moves into government market

Security Biometrics Inc. has acquired SiVault Analytics Inc. to gain a foothold in the government market, the company said today.

New York-based Security Biometrics, a provider of biometric signature authentication solutions, purchased all outstanding shares of SiVault with its own common stock. The value of the deal was not disclosed.

SiVault of San Jose, Calif., provides products and services for the secure storage and retrieval of signed documents as well as signature-based authentication for processing online transactions. Emilian Elefteratos, SiVault's co-founder, president and chief executive has been appointed CEO of Security Biometrics.

With the acquisition, Security Biometrics will target federal, state and local government agencies and financial institutions. The company will offer biometric signature recognition, authentication and validation for electronic passports and other security related products.

Security Biometrics had 17 employees as of last year. The company posted revenue of $1.4 million and a loss of $9.7 million for the fiscal year ended June 30, 2003. In March, Security Biometrics moved its corporate headquarters to New York City from Vancouver, Canada.

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