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L-1 to acquire Bioscrypt in $44 million stock swap

L-1 Identity Solutions, Inc., one of the leading companies in the biometrics sector, has continued its buying spree with the announcement that it plans to acquire Bioscrypt Inc., based in Ontario, Canada, a provider of access control systems, in a stock-for-stock transaction valued at approximately $44 million.

"With this acquisition, L-1 strengthens its leadership position in protecting and securing personal identities and assets by extending into access control, a market that is expected to grow substantially," said Robert LaPenta, chairman, president and CEO of L-1, which is headquartered in Stamford, CT.

Bioscrypt is known for its multi-factor authentication systems which feature fingerprint matching or 3D facial recognition biometrics. Bioscrypt’s expertise in facial recognition grew with its earlier acquisition of a company known as A 4 Vision.

If approved by stock holders and government authorities, Bioscrypt would become a wholly-owned subsidiary of L-1 Identity Solutions, which already includes the credentialing division formerly known as Viisage Technology, Identix, Integrated Biometric Technology, ComnetiX and SpecTal, among its corporate family.

Bioscrypt has more than 400 customers around the world, with an installed base of more than 260,000 access control units. Its customers have principally been commercial enterprises, including Kronos, Honeywell and Lenel, and not the government agencies that have been L-1’s primary targets to date.

The purchase will increase L-1’s presence in "complementary commercial markets, including transportation, banking/finance and healthcare," said an L-1 press statement issued January 7.

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