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.
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.