Security and authentication systems technology company Visualant Inc. has completed it acquisition of TransTech Systems Inc., an access control and authentication systems distributor.
“This acquisition is a major milestone that marks the start of a dramatic phase of growth and development for our company,” says Visualant CEO Ron Erickson.
Led by CEO Jim Gingo, TransTech recorded revenues of $10 million in 2009. Gingo is also joining the Visualant board of directors with the closing of the acquisition.
“Jim Gingo is a highly regarded industry veteran,” says Erickson. “In addition to continuing to grow TransTech, Jim will guide us as we focus on markets for the Visualant technology and explore additional acquisition opportunities.”
Visualant’s strategy is to accelerate market entry and penetration through the acquisition of well-operated and positioned distributors of security and authentication systems like TransTech, thus creating a natural distribution channel for products featuring the company’s proprietary spectrum pattern matching (SPM) technology, according to Erickson.
“Visualant’s strategy over the next 18 to 24 months is to generate combined annual revenue in the range of $35 to $50 million, through the acquisition of other high quality companies complementary to TransTech,” Erickson says. “We believe TransTech does the job of bringing Visualant’s SPM technology to the market, and drives growth in product sales.”
