The marriage of Viisage Technology Inc. and Identix Inc. has received the blessings of both shareholders and the boards of directors of both firms. The merger of both firms has resulted in a single entity now called L-1 Identity Solutions Inc., known on the New York Stock Exchange as “ID.”
Based on Viisage’s closing stock price on Aug. 28, L-1 Identity Solutions has an aggregate capitalization of about 1.1 billion. The firm expects forth quarter results to be in the area of $60 million and Adjusted EBITDA of $15 to $17 million.
Robert LaPenta will lead L-1, assuming the positions of chairman of the board and CEO.
“This is truly a defining moment for the company as we head into a new era of delivering customer-focused solution sets that combine the industry’s best and most innovative technology, together with deep insight into our customers’ unique needs,” says LaPenta. “We are setting a new standard for the industry with our approach and will continue to seek ways in which we can act as leaders of positive change for the industry.”
