ASSA ABLOY’s HID Global Corp., Irvine, Calif., announced that it has entered into a definitive agreement to acquire Fargo Electronics Inc. for an all cash consideration. The transaction is expected to close at the end of the third quarter, subject to Fargo stockholder and regulatory approvals.
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.
“We’re looking forward to becoming part of HID,†said Gary Holland, Fargo Electronics Inc.’s president, CEO and Chairman of the Board. “This is positive step for both ASSA ABLOY and for Fargo stockholders, and it’s exciting for Fargo’s customers and employees as well. HID is well known in the electronic access control industry and is recognized as the trusted brand. With HID’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€