L-1 closes Bioscrypt acquisition

Identification, verification and biometrics firm L-1 Identity Solutions announced on Tuesday that it has closed the previously announced acquisition of Bioscrypt.

The acquisition was made in a stock-for-stock trade that saw 2.5 million shares of L-1's stock traded to Bioscrypt share holders at the closing.

The acquisition places L-1 squarely in the emerging biometrics-based network log-on (logical access) market; Bioscrypt's VeriSoft application is used on some 20 million Hewlett Packard (HP) computers. Bioscrypt's solutions have been positioned as an offering for both physical and logical access control. The acquisition also brings into L-1 the assets of A4 Vision, which was acquired last year by Bioscrypt. A4 provides three-dimensional facial recognition and the technology has been used in financial and gaming facilities.