BIO-key International, a provider in wireless public safety and finger-based biometric identification solutions, announced it has entered into an Asset Purchase Agreement to sell its Law Enforcement Division to InterAct911 Mobile Systems, an affiliate of privately held InterAct Public Safety Systems for US$11 million. The sale, which is subject to customary closing conditions, including BIO-key shareholder approval, will allow BIO-key to take advantage of the growing biometric and identity management market by focusing on its biometric solutions.
BIO-key International, a provider in wireless public safety and finger-based biometric identification solutions, announced it has entered into an Asset Purchase Agreement to sell its Law Enforcement Division to InterAct911 Mobile Systems, an affiliate of privately held InterAct Public Safety Systems for US$11 million. The sale, which is subject to customary closing conditions, including BIO-key shareholder approval, will allow BIO-key to take advantage of the growing biometric and identity management market by focusing on its biometric solutions.
The market need for security and identity management solutions that can't be lost, forgotten or stolen is beginning to grow rapidly. The most recent report issued by the International Biometrics Group projects that annual biometric industry revenues will grow from $3.4 billion in 2009 to $9.4 billion by 2014. "This sale gives us the opportunity to become a growing and profitable biometric company by focusing all our resources and investments in the high-growth, high-margin biometrics market with a net debt-free balance sheet at closing and adequate cash capability to invest in marketing our biometric capabilities," said Mike DePasquale, CEO of BIO-key International.
"As a result of this acquisition, we have the opportunity to deliver the advanced mobile law enforcement solution to ever hit the market, and to introduce a new population of customers to the advantages inherent in the InterAct Connections Framework," said Andrew Filipowski, Executive Chairman and CEO of InterAct Public Safety Systems.