LG Electronics USA announced that the LG Iris Technology Division has been spun off from LG Electronics and is now operating as a new company, Iris ID Systems, based in Cranbury, New Jersey.
LG Iris has been active in the development of iris recognition since 1997, and the IrisAccess platform has become the most widely deployed iris recognition platform in the world.
”The spin-off, which builds on the strength of LG Iris technology, makes sense given LG's current business priorities and the state of the identity authentication business today. As a separate entity, Iris ID will be well-positioned for continued growth,” commented Michael Ahn, President and CEO of LG Electronics North America.
"The announcement is representative of a more focused and a strategic approach to address the iris identity authentication segments that we will continue to develop," said Charles Koo, CEO, Iris ID Systems. "The new company combines the independence of a channel partner with proven experience in providing and integrating iris authentication solutions. This new structure gives the Iris ID team the flexibility and concentration for the development of more new products that address the needs of this demanding vertical market, while continuing to add value to Iris ID products."
Iris ID is taking over all business activities including all rights and obligations of existing business of the former LG Iris Technology Division. The original LG Iris team will remain intact in the new business entity. In addition to the existing business activities of LG Iris , Iris ID has plans to expand its global organization and products portfolio at the same time continue to focus on new product research and development, manufacturing, sales and marketing and customer services. Iris ID will continue to leverage its industry expertise, product portfolio and extensive channel program to provide solutions to its global customers. All manufacturing operations will remain in Korea, while product research, marketing and sales will be conducted in the Iris ID Cranbury facility.