AMSTERDAM – 3M announced it has entered into agreements to sell the identity management business within its Traffic Safety and Security Division to Gemalto for $850 million.
The business includes 3M Cogent, a wholly owned subsidiary of 3M that provides a full spectrum of biometric solutions with a focus in law enforcement, border control and civil identification.
“After completing a thorough strategic review, we believe that the identity management business will be better positioned with a company that is primarily focused on security solutions,” says John Riccardi, vice president and general manager, Traffic Safety and Security Division, a part of 3M’s Safety & Graphics Business. “I want to thank our employees for their outstanding contributions to our business.”
The transaction is expected to close during the first half of 2017 and is subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils.
After the acquisition, 3M’s Identity Management Business will become part of Gemalto’s Government Programs business. Approximately 450 3M employees are expected to transfer to Gemalto.
“Gemalto is delighted to welcome new members to its international team. 3M’s Identity Management Business and Gemalto perfectly fit, solving authentication and identity management pain points across our customer segments, creating immediate increased differentiation and offering additional long term growth perspectives”, says Philippe Vallée, Gemalto CEO.
