L-1 Identity Solutions closes Bioscrypt buy out
L-1 Identity Solutions, a provider of identity solutions and services, today closed the acquisition of Bioscrypt in a stock-for-stock transaction. Bioscrypt, now a wholly-owned subsidiary of L-1 Identity Solutions Operating Company, adds a new market opportunity for L-1 in the area of enterprise physical and logical access control.
Based on the purchase price formula agreed to by the parties and approved by Bioscrypt´s security holders, L-1 will issue approximately 2.6 million shares, of which 2.5 million were issued at closing, in exchange for 100 percent of Bioscrypt´s outstanding shares.
Bioscrypt is expected to add $20.0 million in revenue.
Bioscrypt has over 400 global customers and an installed base of over 260,000 access control units. In addition, Bioscrypt´s VeriSoft software application is now included on more than 20 million HP computers and its 3D facial recognition from the A 4 Vision Inc. acquisition is used by the largest casino in the world to provide access control for over 12,000 employees.