Injecto-Matic announced today that it has completed the acquisition of Galton Biometrics Corporation.
Injecto-Matic has used a combination of debt and equity to satisfy the acquisition cost and intends to file for a change of name and share consolidation to Galton Group. Galton through its master license develops revolutionary fingerprint biometric solutions enabling fast individual authentication, precise identification searches, as well as cross-platform data interoperability. Their innovative, scalable technology extracts a fixed-length, near-constant number based on one's fingerprint pattern. This short number becomes a precise and universal biometric identifier capable of being embedded in travel documents, such as visas and passports, credit cards, driver's licenses and a host of other personal credentials.
There will no change of control in the board of directors in Galton Biometrics to remain in compliance with the license agreement.
The products address national security concerns regarding privacy and data integrity. From consular services to terrorist watch lists, our innovative technology allows for seamless, integrated identification searches across disparate databases at all levels of government and law enforcement
The Biometric Industry
Global 2002 industry revenues of are expected to reach $4 billion by 2007, driven by large-scale public sector biometric deployments, the emergence of transactional revenue models, and the adoption of standardized biometric infrastructures and data formats.
Fingerprint-based technologies, including both finger-scan and AFIS, are projected to account for 40% of 2002 industry revenues, far and away the largest technology segment. This growth is attributable to the wide range of applications in which fingerprint-based solutions operate effectively.
Civil ID and PC / Network Access will be the leading biometric applications over the next five years, expected to account for nearly 60% in combined annual revenues in 2007. Physical Access / Time and Attendance will reach $1.1 Billion in annual revenues by 2004, with Surveillance and Screening applications projected to reach $800 Million in annual revenue in 2004.
The Government sector will be the leading biometric vertical market through 2007 with $1.2b in annual revenues. The Financial and the Travel/Transportation sectors follow with $ 1 Billion and, $900 Million respectively, in 2007. The various scenarios in which government agencies must identify and authenticate both citizens and employees, particularly subsequent to 9/11, is a critical growth factor.