ASSA ABLOYâ€™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.
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 Americaâ€™s Fastest-Growing Companies in 2004. HID is part of the Global Technologies Division of ASSA ABLOY Group, based in Stockholm, Sweden.