July 17, 2012 -
Francisco Partners, a global private equity firm focused on investments in technology and technology-enabled services business, has acquired Cross Match Technologies, a provider of interoperable biometric identity management systems. The price of the acquisition was not disclosed.
Cross Match Technologies, Inc. was founded in 1996 and offered a wide range of multimodal biometric solutions such as fingerprint and palm scanners, facial capture software, iris capture devices, multimodal jump kits, document readers, enterprise and application software and related services.
The firm is present in over 80 countries with more than 10,000 customers worldwide servicing government, law enforcement, transportation, healthcare, education, financial services and other commercial enterprises.
“There is a growing global need for biometric tools to address a range of civil, defense, and local law enforcement issues,” said Cross Match President and CEO David Buckley. “Cross Match is well-positioned through our work with governments and law enforcement organizations around the world to deliver these solutions. We look forward to working closely with Francisco Partners to further develop our technologies to meet these important market requirements.”
One of the partners at Francisco Partners, Keith Geeslin said: “Cross Match has a long history of innovation and has secured significant contracts with the most discerning government clients. Biometric technology is growing in importance, and Cross Match, with its strong management team and quality brand, is in an excellent position to capitalize on this growth.”
The acquisition adds to Francisco’s growing list. To date, Francisco Partners has helped rejuvenate and grow businesses through over 65 other acquisitions.
Francisco Partners has raised approximately $7 billion of capital, which gives them the flexibility and capacity to pursue technology investments in biometrics, software, Internet, security, healthcare IT, communications, IT services, semiconductors and capital equipment.
Does this acquisition signal a new wave of consolidation in the biometric industry?