Packaging

LaserCard Acquisition to Advance HID Global Solutions for Secure Identity

Thursday 23. December 2010 - Pending Addition Will Complement and Extend HID Global's Position in Government Markets

HID Global, trusted leader in solutions for the delivery of secure identity, today announced that parent company ASSA ABLOY’s pending acquisition of LaserCard Corporation (NASDAQ: LCRD), a leading provider of secure ID solutions, represents an important advancement in HID Global’s worldwide market position in the government sector and will significantly expand its portfolio of technology capabilities.
LaserCard is a recognized leader in secure identity credentials for large scale citizen and immigrant identification programs with demonstrated capabilities ranging from secure card design to issuance system implementation The company’s unique credential constructions feature LaserCard’s highly differentiated, counterfeit resistant optical security media (OSM) and embedded hologram technology that enables documentation authentication with the human eye.
“The LaserCard organization brings incremental skills and core technical competencies that will augment HID Global’s secure identity strategy,” said HID Global president and CEO Denis Hébert. “It will widen the breadth of our egovernment business with a unique selection of products, technologies and a range of service capabilities that are highly synergistic with HID Global’s current offerings.”
“HID Global and LaserCard share a common perspective relative to the secure identity market,” commented Robert DeVincenzi, president and CEO of LaserCard. “The combination of our two companies significantly expands the capability and value LaserCard represents to our partners and customers in the government issued ID sector, with compelling opportunities to leverage HID Global’s market momentum and global coverage and for future diversification and growth.”
The acquisition includes LaserCard’s wholly-owned German subsidiary, Challenge Card Design Plastikkarten GmbH (CCD), manufacturer of high quality specialty cards and provider of card personalization and ID management solutions.
LaserCard is headquartered in Mountain View, California with offices in Rastede and Ratigen, Germany and employs 182 people. Revenues for fiscal year ending March 31, 2010 were approximately $59 million.
The transaction is expected to be completed in the first quarter of 2011.