Company 'in-sources' biometric technology including assets of 3M Cogent unit
Back in December 2016, 3M announced that it would sell its identity management business to Gemalto for $850 million. That deal has been completed following approval by the relevant regulatory and antitrust authorities.
The acquisition brings biometric tech and additional document security features to Gemalto’s Government Programs offering and, according to a company release, positions Gemalto to provide solutions for the commercial biometrics market.
In 2016, 3M’s identity management business generated $202 million in revenue and an estimated $53 million in profit.
The division provides biometric hardware and software for identity verification and authentication. It includes 3M Cogent, Inc., a wholly owned subsidiary of 3M, which provides biometric solutions for law enforcement, border control and civil identification.
In a release announcing the pending acquisition from late 2016, it was reported that approximately 450 employees of 3M would likely transfer to Gemalto.
Gemalto’s CEO calls it a strategic move that in-sources biometric technology. “(It) will enable Gemalto to further accelerate the deployment of trusted national identities and to offer strong end-to-end biometric authentication solutions throughout the digital economy,” said Philippe Vallée, Gemalto CEO.