Wednesday, April 09, 2008
From BUSINESS WIRE Mar 24, 2008: "L-1 Identity Solutions, Inc. (NYSE: ID), a leading provider of identity solutions and services, today announced it has entered into a definitive agreement to acquire the ID Systems business of Digimarc Corporation (Nasdaq: DMRC) in a stock and cash transaction valued at approximately $250 million. The acquisition has been approved by the respective Board of Directors of each company.
Under the terms of the definitive agreement, Digimarc stockholders will receive approximately 50 percent of the purchase consideration in shares of L-1 stock and 50 percent in cash. Digimarc stockholders will also receive shares in a new company bearing the Digimarc name and holding Digimarc's digital watermarking business. The cash consideration is approximately $120 million. . .
"The synergies between our secure credentialing businesses make this a natural combination and one that will deliver great benefit to our customers and the industry," said Robert V. LaPenta, Chairman and CEO of L-1 Identity Solutions. "Digimarc's expertise in centralized production of credentials, together with L-1's biometric recognition and document authentication capabilities, will enable us to provide a secure end-to-end solution for issuance of government credentials like driver's licenses. Additionally, we believe that together we will offer the best in class technology to meet the needs of U.S. and international credentialing programs."[...]
"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," said Bruce Davis, CEO and Chairman of the Board of Digimarc. "Furthermore, our combined knowledge in international markets will enable us to reach more potential customers with an expanded portfolio of innovative credentialing solutions, including national ID cards. The combination of the two will also help speed adoption globally by introducing a more streamlined and cost effective process into the international marketplace."
L-1 believes that the combination of L-1 and Digimarc's Secure ID business will bring significant synergies and benefits to the identity management industry. . . across the globe in emerging markets such as Russia and Asia-Pacific, as well as with Canadian and Mexican biometric credentialing programs. Leveraged synergies between the businesses will reduce the cost structures of both organizations to drive greater operational efficiency and shareholder value. . .
The transaction is expected to close in the second half of 2008 and is subject to customary regulatory approvals and other closing conditions, including approval by Digimarc stockholders at the stockholder meeting and the spin-off of the digital watermarking business. The Company may also consider a stock buyback depending upon market conditions and subject to compliance with applicable law.
About L-1 Identity Solutions
L-1 Identity Solutions, Inc. (NYSE: ID), together with its portfolio of companies, offers a comprehensive set of products and solutions for protecting and securing personal identities and assets. Leveraging the industry's most advanced multi-modal biometric platform for finger, face and iris recognition, our solutions provide a circle of trust around all aspects of an identity and the credentials assigned to it -- including proofing, enrollment, issuance and usage. With the trust and confidence in individual identities provided by L-1 Identity Solutions, government entities, law enforcement and border management agencies, and commercial enterprises can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions is headquartered in Stamford, CT. For more information, visit www.L1ID.com.
About Digimarc Corporation
Digimarc Corporation (NASDAQ:DMRC), based in Beaverton, Oregon, is a leading supplier of secure identity and media management solutions. Digimarc provides products and services that enable the annual production of more than 60 million personal identification documents, including two-thirds of U.S. driver licenses and IDs for more than 25 countries. Digimarc's digital watermarking technology provides a persistent digital identity for various media content and is used to enhance the security of financial documents, identity documents and digital images, and support other media rights management applications.
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