What do you get when you combine an identity assurance firm with a company specialized in such technologies as biometrics, smart cards and cryptography? You get IdentiPHI, now that Saflink has merged with the Austin-based firm to form a "leading biometric and enterprise security provider".
The merger, which had been announced last year, was approved by Saflink's shareholders late last week, allowing the two companies to close the merger on Friday, Feb. 8. According to the merger agreement, Saflink is acquiring the outstanding shares in IdentiPHI, such that one share of IdentiPHI is exchanged for some 6.1498 shares of Saflink. The result is that almost 615 million shares of Saflink common stock are being issued to the previous holders of IdentiPHI stock.
As the merger moves forward, the companies will be inter-joining the management teams and will be headquartered in Austin, Texas, where IdentiPHI is currently located. Management names staying aboard the combined company include Steve Oyer (Chairman, CEO), Peter Gilbert (Vice Chairman, S.V.P. of sales and marketing), John Atkinson (President), Jeff Dick (CFO), Mark Norwalk (CTO), and Brian Wilchusky (V.P. of marketing).
Oyer said that he is seeing â€œincreasing customer demand and adoption," and that the global market is "poised for explosive and sustainable growth." "The long term success of the merger will come from using our solid combination of patented intellectual property, scalable technology and global distribution to deliver the right products at the right time," added Oyer.
The biometric market as a whole has seen a great deal of consolidation over the last year, with L-1 Identity Solutions active also in acquiring and synthesizing a number of biometric technology providers. Most recently L-1 announced plans to acquire Canadian firm Bioscrypt.