In a market rapidly expanding as a result of investment in the battle against terrorism, the acquisition will bring Viisage more than 170 additional customers, including European police and immigration authorities, banks, and nuclear power stations.
Bochum, Germany-based ZN used technology spun out of Bochum Rugr University and the University of Southern California, while Littleton, Massachusetts-based Viisage’s system is based on technology developed at Massachusetts Institute of Technology.
Viisage CEO Bernard Baily said that for several months the Viisage and ZN teams had been partnering on a number of large-scale government opportunities, and it was clear that the the combined technologies would meet the increasing performance demands of the marketplace.
Viisage is to issue 6.36 million shares to buy privately owned ZN, which employs 70 people. The transaction is expected to close by the end of July.
Source: Computerwire
