SCM Microsystems, a German firm providing smart card reading solutions, announced today that its stockholders have approved a merger/acquisition with California-based physical access control solutions provider Hirsch Electronics. The vote passed with over 99 percent of shareholders in favor of the merger.Hirsch investors had already approved the merger with SCM, and although both companies had previously announced merger intentions, the deal requried shareholder approval.
The companies had already worked together in the past; Hirsch was a distribution partner for SCM's solutions, and the linking of the companies creates a product line that extends from logical access to physical access. The companies had previous worked together in serving the U.S. government market, according to SCM Microsystems CEO Felix Marx.
"This merger with a trusted business partner is a key step forward in executing our growth strategy," said Marx. "Combining two industry leaders into a single powerhouse gives us the size and scale we need to expand in our existing markets and to penetrate new ones. We are pleased that our stockholders share in our excitement about this merger, and we are excited to bring the synergies of this combination to market."