Viisage and Investment Partners Form Strategic Alliance to Accelerate Growth
BILLERICA, Mass.
Viisage announced that L-1 Investment Partners LLC has
signed a definitive agreement to purchase $100 million of
its common stock and create a strategic alliance that would
install L-1’s founder as chairman of Viisage’s board.
Additional terms of the agreement includes warrants to
purchase 4 million shares of common stock at an exercise
price of $5.50 per share, as well as the naming of L-1’s
founder and CEO Robert V. LaPenta as chairman of the board
at Viisage.
LaPenta also has the right to appoint two additional
members to the Viisage board, which is expected to approve
that 85 percent of the $100 million investment will be used
for acquisitions.
The investment is expected to be completed by the end of
2005 and is subject to the approval by Viisage
shareholders.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
