HID Global Corp. to Acquire Fargo Electronics
The acquisition is a result of a long-standing relationship between the two security solutions companies and their decision to jointly pursue opportunities in the secure identification field. â€œWe are now positioned as a leader in the rapidly-growing market for secure issuance of corporate and national ID credentials. The combined organizations create the foundation to guarantee that materials are secure, that the process of issuing a credential is not subject to fraud, and that the resulting product is highly tamper-proof,â€ said Denis HÃ©bert, HID president and CEO. Controlled access to materials, intelligent hardware that notifies authorities of misuse, and other enhanced process security features will set a new standard for performance in the industry.
Fargo Electronics Inc. is a provider in the development of secure technologies for identity card issuance systems, including secure card printer/encoders, materials and software. Fargo was recognized by FORTUNE Small Business Magazine as one of America's Fastest-Growing Companies in 2004. HID is part of the Global Technologies Division of ASSA ABLOY Group, based in Stockholm, Sweden.
HID is a supplier of contactless access control cards and readers, and other security products for corporations and governments globally. HID products are sold through a global network of OEM, distribution, and installer channels, supported by sales, service, and distribution centers in North America, Latin America, Europe, Hong Kong, China and India.
â€œWe value the opportunity to partner with the organization that has created a position of innovation and leadership in card issuance and personalization,â€ said Joe Grillo, president and CEO of ASSA ABLOYâ€™s Global Technologies Division. â€œThis acquisition complements our existing channel and product offerings, while broadening our capabilities in the rapidly growing secure card issuance category,â€ added HÃ©bert.
â€œWeâ€™re looking forward to becoming part of HID,â€ said Gary Holland, Fargo Electronics Inc.â€™s president, CEO and Chairman of the Board. â€œThis is positive step for both ASSA ABLOY and for Fargo stockholders, and itâ€™s exciting for Fargoâ€™s customers and employees as well. HID is well known in the electronic access control industry and is recognized as the trusted brand. With HIDâ€™s extensive resources and commitment in the electronic access control business, it will enable us to take our products and technologies to the next level.â€