The Corby, UK-based company said it is to issue 32.6 million shares worth 3.42m euros ($4.13m) for the Irish rival, which for the last full 12 month period ending December 2003 produced a pre tax loss of 1.7m euro ($2.05m) on revenues of 2.1m euro ($2.54m). The share swap also accounts for additional liabilities of 0.4m ($0.48m) euros.
The UK company said that existing institutional backers of the CardBase operation are also subscribing to almost 11 million of new shares in ID Data, raising 1.15m euro ($1.39m) as working capital.
Both companies target large retail banks and governments considering identity card schemes.
