There's no more Lanza and Lehman with LaPenta.
L-3 Communications Co-Founder, President and CFO Robert V. LaPenta has left L-3 (so-named for the three "L's" of Lanza, Lehman and LaPenta) to create L-1 Investment Partners, a new company that will conduct private investments in the biometrics market.
"We see biometrics as an emerging sector with tremendous growth potential. The technology is coming of age at a time when spending on higher security is a priority for just about every sector of government including municipalities, as well as the rest of the economy," said LaPenta, chairman and CEO of L1 Investment Partners, in a Tuesday statement. "Market research firms following the biometrics market are projecting annual growth rates in excess of 50% for the next several years, reaching a potential $4.5 billion for the industry by 2009."
LaPenta's background should be a perfect fit for finding investment opportunities in the biometrics marketplace. Before his success with L-3 Communications, LaPenta was with Loral Corporation/Lockheed Martin. His acquisitions expertise at L-3 may provide a good fit for investing in biometrics.
Plus, says LaPenta, the timing is right.
"Today the industry consists of hundreds of small entrepreneurial companies, typically undercapitalized and undermanaged," said LaPenta. "Our goal is to acquire well-positioned companies, then provide capital and management to build them into world-class companies that grow with the expanding global use of biometrics. Over the longer term, our vision is to consolidate these businesses into a leadership position in the biometrics sector," he said.
The new company will be based in Stamford, Conn.