In the end, L-1 Identity Solutions Inc. did not find a buyer, as promised ”“ it found two.
After publicly putting itself on the auction block, Stamford-based L-1 is being acquired for $1.1 billion by France-based Safran, save for its government consulting services division which is being sold to United Kingdom-based BAE Systems for $295 million.
CEO Robert LaPenta formed L-1 four years ago in a merger of Massachusetts-based Viisage Technology Inc. and Minnesota-based Identix Inc., tacking on additional companies afterward. The company sells a wide range of high-tech security devices and services, from identification machines that scan fingerprints, irises or facial features; to tamper-proof documents like passports and drivers licenses.
“I am extremely proud of L-1”™s accomplishments and the role we have played in the development of multi-modal biometric technologies and in helping establish the identity management market over the last four years,” LaPenta said, in a prepared statement. “Safran will provide a strong global reach and a more comprehensive portfolio of solutions and services.”
Safran intends to operate L-1 as part of its existing security business Morpho, which it says would be in accordance with U.S. rules governing foreign ownership of sensitive security technologies. The deal is subject to the scrutiny of multiple U.S. agencies before it can be finalized.
Safran originally acquired its Morpho operations from Fairfield-based General Electric Co., and today has 4,000 U.S. employees. GE and Safran have joint ownership of CFM International, a maker of jet engines.
