Scotch tape maker buys biometric tech firm
Updated Industrial conglomerate 3M has agree to buy biometric security firm Cogent Systems in a deal valued at $943m.
Cogent markets fingerprint, iris and facial biometric technologies to governments and businesses. 3M said its technology will allow it to sell login systems to corporates while its sales team and channel will help its push into the law enforcement marketplace.
"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," said Mike Delkoski, vice president and general manager of the 3M Security Systems Division. "It also expands our reach into access control and other commercial ID and authentication applications."
3M is offering $10.50 per share for Cogent, an 18 per cent premium on the firm's closing price on Friday. It expects the deal, announced Monday, to close by the end of the year.
Cogent booked $130m in revenue in 2009 and is sitting on cash reserves of $513m.
The acquisition follows less than two weeks after Intel's high-profile $7.7bn deal to buy anti-virus firm McAfee. ®
CA added further impetus to the recent spree of security software acquisitions with the purchase of Arcot for $200 million in an all-cash deal, announced Monday. Arcot markets fraud-prevention and authentication technology to the financial services industry.
The technology will be added to CA's existing line of identity and access management (IAM) portfolio, bolstering its ambitions to offer enterprises security services from the cloud, as explained in a statement here.