L-1 to Acquire Digimarc ID Solutions
L-1 Identity Solutions Inc., an identity verification and detection company, has entered into a definitive agreement to acquire Digimarc Corp’s identification systems business in a stock and cash transaction worth about $250 million.
The acquisition has been approved by the board of directors of each company. Under the terms of deal, Digimarc stockholders will receive about 50 percent of the purchase consideration in shares of L-1 stock and 50 percent in cash.
The move addresses growing security demands from government agencies and private institutions for next-generation secure credentialing, including enhanced technologies for driver’s licenses and national ID cards, according to L-1 CEO and Chairman Bruce Davis.
“L-1 has state-of-the-art biometric recognition and authentication capabilities that are integral to making our credential production process for national and international customers more secure and complete,” Davis says.
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