3M wants to buy biometrics vendor Cogent Systems for approximately $943 million.
3M has agreed to acquire security biometrics vendor Cogent Systems for
roughly $943 million.
Cogent provides finger, palm, face and iris biometric systems for
governments, law enforcement agencies and businesses. Under the
agreement, a subsidiary of 3M will offer to purchase all outstanding
shares of Cogent Systems within 10 business days.
According to 3M, the
is projected to grow at a rate of more than 20 percent
per year. Cogent's automated fingerprint/palm print identification systems
enable customers to capture fingerprint and palm print images electronically,
encode prints into searchable files, and compare fingerprints and palm prints
to a database containing millions in seconds.
"Cogent Systems has done a tremendous job establishing a strong
presence in the biometric
," said Mike Delkoski, vice president and general manager of
the 3M Security Systems Division, in a statement. "Adding Cogent Systems'
products to our business strengthens our product portfolio and services in high
security credential issuance and authentication systems and positions 3M's
business in law enforcement applications. It also expands our reach into access
control and other commercial ID and authentication applications."
3M's authentication portfolio includes border management products; document
manufacturing and issuance systems for IDs, passports and visas; document
readers and verification products; and security materials such as laminates to
combat counterfeiting and tampering.
Based in Pasadena, Calif.,
Cogent employs approximately 500 people. The company will be part
of 3M's Security Systems Division.
"3M can accelerate our growth and extend our reach in global border
control markets, law enforcement and commercial applications," said Ming
Hsieh, CEO of Cogent, in a statement.
"Together, we'll deliver a broader range of identification and
authentication solutions to the security industry and to our customers."