L-1 acquires scanning technology
L-1 Identity Solutions Inc. acquired Retica Systems Inc., a Waltham, Mass., company developing an iris-scanning device for identity recognition applications.
Stamford-based L-1 did not immediately disclose what it paid for Retica, which had raised less than $10 million in funding since 2004.
Retica had been developing a system it called “Eagle Eyes” to identify people by their retinas from several feet away. L-1 said Retica”™s iris encoding and matching tools may enhance its own algorithms used for identification of individuals.
“This asset acquisition gives us a greater range of solutions to address a wider set of opportunities more quickly within the growing market of high-volume and large-scale civilian identity management programs,” said Robert LaPenta, CEO of L-1, in a prepared statement. “With the Retica assets, we incorporate a solution that addresses broader market applications requiring lower cost solutions without compromising speed or accuracy. The Retica assets also open up new opportunities for L-1 outside the government market, particularly in commercial identity management applications used by the gaming, hospitality, healthcare, and other industries.”
COMPASS DIVERSIFIED
For $70 million, Compass Diversified Holdings Inc. is acquiring Liberty Safe and Security Products Inc., a Payson, Utah company that makes home and gun safes.
Sales totaled $74 million last year for Liberty, whose safes are sold both under its name as well as other companies under various licensing agreements, including Cabela”™s, John Deere and Remington.
“Demand among avid shooting sports enthusiasts remains healthy and we expect to benefit from increasing awareness of the need for safe storage of firearms,” said Joe Massoud, CEO of Westport-based Compass, in a prepared statement. “We believe that there is a largely untapped market for premium home safes that represents an important growth avenue for the company going forward.”