Biometric security manufacturers Viisage Technology Inc.
and Identix Inc. have agreed on a merger where Viisage will
pay $770 Million in stock for the Minnetonka, Minn.-based
manufacturer of fingerprint, facial and skin identification
systems. The merger has been approved by the boards of both
companies and is expected to close by June.
The companies have not determined a new name for the merged
firms.
Viisage, which also manufacturers biometric identity
solutions, says it will blend its approach with Identix’s.
Viisage Chairman of the Board Robert LaPenta, who will
serve as chairman and CEO of the combined companies, says
there are spaces Identix can fill where Viisage has been
lacking.
“What Viisage needed really was a stronger participation in
the fingerprint space,” LaPenta said in a conference
call. “That space comprises about 70 percent of what the
biometrics industry is today.”
Identix CEO Joseph Atick will take on a new role at the
combined company as its chief strategic officer and vice
chair of its board.
Bear, Stearns & Co. Inc. served as financial advisor to
Viisage, with USBX Advisory Services LLC also providing an
advisory role. Janney Montgomery Scott LLC served the same
function for Identix.
