Biometric security provider SAFLINK Corp. is adding smart cards to its offerings after announcing a merger with smart card and identity management manufacturer SSP Solutions Inc. SSP will become a wholly owned subsidiary of SAFLINK under the $87 million deal, which is pending stockholder and regulatory approval.
Bellevue, Wash.-based SAFLINK says its integration with Irvine, Calif.’s SSP, announced March 23, will position the company to solve personal privacy issues it says have slowed the adoption of government security initiatives. “Similar to what we’ve seen with the convergence of logical and physical biometric technologies, many security analysts and experts have anticipated that a combination of biometrics, smart cards and PKI [public key infrastructure] would ultimately be required to address enterprise security needs,” says SAFLINK CEO Glenn Argenbright. “I believe that together we will deliver on the promise of biometrics, smart cards, and PKI integration.”
The new company will be led by a management team and board of directors selected from both companies. C.E. Unterberg, Towbin acted as SAFLINK’s financial advisor on the transaction, and rendered a fairness opinion to SAFLINK’s board of directors.
