US-based multinational corporation 3M has inked a deal worth $950 million to purchase all shares of access control and biometrics company Cogent Systems.
Cogent, based in Pasadena, California, sells palm, fingerprint, and iris biometric products to law enforcement units and other government institutions, including the Department of Homeland Security, its biggest client.
If the agreement is finalized, Cogent will be absorbed by 3M’s Security Systems business unit, which earned approximately $1.5 billion in revenue last year.
St. Paul, Minnesota-based 3M’s access control division deals with passports and badge printing, but Mike Delkoski, vice president and general manager of 3M Security Systems said in a statement that, “Adding Cogent Systems’ products to our business strengthens our product portfolio and services in high security credential issuance and authentication systems and positions 3M’s business in law enforcement operations.
Delkoski also said that their acquisition of Cogent will expand their reach into access control and related authentication systems.
