Thursday, January 10, 2008 at 8:53PM
L-1 Identity Solutions, a rapidly growing company in the biometrics space, in early January came to definitive agreement with Bioscrypt, the market leader in physical access control biometrics, to purchase the company for roughly $44 million.
“The access control market is about trust and reliability,” Atick said. “You want to know that the company behind a product is able to sustain itself in that marketplace. Having the L-1 brand behind Bioscrypt takes the issue of survivability off the table, and nobody’s going to be fired for investing in a Bioscrypt solution ... Now, not only is this a good product, but this is a very good company that will stand behind you.”L-1 will pay the equivalent of $.55 per Bioscrypt share, based on the average closing price of L-1 stock for the 20 trading days leading up to the deal’s close. The purchase price represents a more than 55 percent premium on the $.36 per share trading price of Bioscrpyt on the day before the deal’s announcement.