Biometric solutions manufacturer bioMETRX announced Monday that it has agreed to purchase controlling interest in rival firm Biometric Solutions.
In a prepared statement, bioMETRX CEO Mark Basile said that the new acquisition would bring additional "engineering resources," as well as new clients to the company.
"Consolidation in the biometric solutions market has been gaining momentum, as companies seek ways to pool resources while increasing shareholder value," he said. "This acquisition will bring additional shareholder value and create a stronger company as we introduce new products to the market."
The terms of the deal have yet to finalized.