Viisage Technology Inc., Billerica, Mass., and Identix Inc., Minnetonka, Minn. entered into a definitive agreement to merge in an all-stock transaction. The combined company will blend two complementary approaches to establish a single platform for multi-modal finger, face, skin and imaging identity solutions.
The transaction is expected to close in the second quarter of 2006 and is subject to customary regulatory approvals and other closing conditions.
Bear, Stearns & Co. Inc. is serving as financial advisor to Viisage, while USBX Advisory Services LLC provided a fairness opinion to the Viisage Board. Janney Montgomery Scott LLC is serving as financial advisor to Identix and has provided a fairness opinion to the Identix Board.
Viisage also agreed to acquire privately held SecuriMetrics Inc. Under the terms of the transaction, Viisage will pay $28 million in cash, net of the $2 million in cash on the acquired companyâ€™s balance sheet.
TOA Electronics Inc., South San Francisco, Calif., received the 2006 Innovations in Technology Award in the category of Security/Fire/Life Safety for their N-8000 Series IP network intercom systems at the 2006 NSCA Systems Integration Expo, Las Vegas. The award was presented during the NSCA Presidentâ€™s Reception.
The N-8000 Series IP network intercom provides flexible communications for up to 1,280 stations on existing corporate local and wide area data networks.
In other TOA news, the company has been selected as an approved vendor by Tri-Ed Distribution, Woodbury, N.Y., a distributor of low-voltage security and home residential systems equipment in North America. Serving more than 20,000 customers, Tri-Ed has 35 branch offices. Tri-Edâ€™s newest product offerings include TOA Audio and Security Intercom products.