Menu
3M offers US$943M for biometric security vendor Cogent Systems

3M offers US$943M for biometric security vendor Cogent Systems

3M has agreed to buy biometric access control systems vendor Cogent for around US$943 million in cash.

The acquisition will allow 3M to expand its ID card and authentication systems business beyond its core border control and law enforcement markets and into other commercial sectors, it said Monday.

Cogent's product range includes automated fingerprint and palmprint identification systems that can be used to secure access to computer hardware and applications.

3M is offering $10.50 per Cogent share, which it says puts the price at around $943 million. However, Cogent's cash reserves mean 3M will effectively get a $500 million rebate on that price, putting the net cost to 3M at around $430 million, the companies said.

Cogent's board unanimously recommends the deal to shareholders, and the company's chairman and founder Ming Hsieh has agreed to sell his stake. The companies expect to close the deal during the fourth quarter.

Cogent, based in Pasadena, California, had revenue of around $130 million last year, a small slice of a global biometrics market it values at $4 billion.

In the enterprise biometric access control market, it competes with businesses such as L-1 Identity Solutions of Stamford, Connecticut, and Dermalog Identification Systems of Hamburg, Germany.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags 3Minternational newsCogent Systems

Featured

Slideshows

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA

Reseller News has honoured the leading female front runners of the New Zealand ICT industry at the 2019 Women in ICT Awards (WIICTA) in Auckland. The awards recognised standout individuals across six categories, spanning Entrepreneur, Rising Star, Shining Star, Community, Technical and Achievement. Photos by Gino Demeer.

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA
Reseller News kicks off awards season in 2019 with Judges' Lunch

Reseller News kicks off awards season in 2019 with Judges' Lunch

The 2019 Reseller News Innovation Awards has kicked off with the Judges Lunch in Auckland with 70 judges in the voting panel. The awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors. Photos by Christine Wong.

Reseller News kicks off awards season in 2019 with Judges' Lunch
Reseller News welcomes industry figures for 2019 Hall of Fame lunch

Reseller News welcomes industry figures for 2019 Hall of Fame lunch

Reseller News welcomed 2018 inductees - Chris Simpson, Kendra Ross and Phill Patton - to the third running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing landscape of the technology industry in New Zealand, while outlining ways to attract a new breed of players to the ecosystem. Photos by Gino Demeer.

Reseller News welcomes industry figures for 2019 Hall of Fame lunch
Show Comments