STAMFORD, Conn., March 24 (UPI) -- Connecticut-based L-1 Identity Solutions Inc. announced a deal to acquire Digimarc Corp.'s identification systems business.
The announced stock and cash transaction definitive agreement for approximately $250 million is an effort by L-1 to enhance the company's biometric identification offering to U.S. and international credentialing programs. The acquisition has already been approved by the board of directors at both L-1 and Digimarc.
The combination of L-1's biometric recognition and document authentication capabilities and Digimarc's ID Secure ID business is a move to address the growing security demands from government agencies and private institutions for next-generation secure credentialing including enhanced technologies for driver's licenses and national ID cards.
"L-1 has state-of-the-art biometric recognition and authentication capabilities that are integral to making our credential production process for national and international customers more secure and complete," Bruce Davis, Digimarc chief executive officer and chairman of the board, said in a statement.
Davis says the combined credentialing solutions offerings will speed adoption of the ID security technologies at agencies and governments around the world with a more streamlined process.
