Mergers and Acquistions News
Categories: Software
July 26th 2011, 17:52PM
French firm Safran has acquired face-recognition software maker L-1 Identity Solutions as it continues its quest to become the leading provider of biometric identification technology.
The aerospace and defence company has purchased L-1 Identity Solutions and its core biometrics business for $1.09 billion (£665 million).
L-1, which produces products for border security agencies and financial institutions, would be merged into Safran's Morpho security business and renamed Morpho Trust.
Jean-Paul Herteman, chairman and chief executive of Safran, said: "L-1 offers an excellent fit with our own security business, in terms of both technologies and geographic footprint, clearly enhancing our product offering and customer service in this dynamic sector, and consolidating our global leadership in the market for high-tech security solutions."
The deal values L-1 at $12 a share, which was the US firm's exact closing price on Monday (25th July).
Although originally announced in September, the deal could not be completed until a regulatory probe into the move was completed, as is the custom for overseas takeovers of companies in 'sensitive' industries. 
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