Gemalto on Wednesday announced the closing of the acquisition of 3M's Identity Management Business after approval by the relevant regulatory and antitrust authorities.
This strategic acquisition rounds out Gemalto's Government Programs offering by adding biometric technologies and more secure document features and it ideally positions the company to provide solutions for the promising commercial biometrics market.
The Identity Management Business will be integrated into Gemalto Government Programs business. In 2016, the acquired business generated USD 202 million in revenue and an estimated USD 53 million in profit from operations.
"With the acquisition of 3M's Identity Management Business, Gemalto makes a strategic move by in-sourcing biometric technology. Combining our market access, technologies and expertise will enable Gemalto to further accelerate the deployment of trusted national identities and to offer strong end-to-end biometric authentication solutions throughout the digital economy," said Gemalto CEO, Philippe Vallee.
"I warmly welcome the new teams joining Gemalto and we look forward to working closely together towards success," added Vallee.
Disclaimer: No Business Standard Journalist was involved in creation of this content
