Assa Abloy's HID Global Corporation, best known for its industry-embraced iClass smart cards, as well as a variety of reader technology and access control offerings, is getting its hands into the world of card issuance.
The company announced today that it would be acquiring Fargo Electronics, a company best known for their secure-printed badges and card printing solutions.
The acquisition was unanimously approved by the board of Fargo Electronics and represents an all-cash purchase, at $25.50 per Fargo Electronics share. The merger is expected to close at the end of the third quarter.
HID Global's president and CEO Denis HĂ©bert said the acquisition strengthens HID's position in the market.
“We believe that we are now positioned as a leader in the rapidly growing market for secure issuance of corporate and national ID credentials," said HĂ©bert in a statement announcing the merger of the companies. "The combined organizations create the foundation to assure that materials are secure, that the process of issuing a credential is not subject to fraud, and that the resulting product is highly tamper-proof.â€
As of current, both companies' boards have approved the merger, and Fargo will likely go to its stockholders to bless the agreement with a vote on the acquisition, though the date of that vote has yet to be announced.
On the Web:
Fargo Electronics: http://www.fargo.com/
HID Global: http://www.hidcorp.com/
