ID Global Solutions acquires biometrics firm FIN Holdings for $9M

February 16, 2016 - 

ID Global Solutions Corporation announced it has acquired biometric technologies firm FIN Holdings Inc. and its wholly owned subsidiaries for $9 million, which will be paid in the form of 22.5 million shares of IDGS common stock.

The subsidiaries include ID Solutions, a Delaware firm that provides biometric fingerprint software technology and algorithms, as well as Cards Plus SA, a South African company which provides secure credential products and solutions to government agencies in Africa.

The acquisition builds on IDGS’s current transaction security and financial inclusion platforms by adding highly accurate, fully integrated biometric fingerprint verification and backend matching capabilities.

In recent tests by the U.S. Government National Institute of Standards, ID Solutions’ proprietary fingerprint technology outperformed other leading global fingerprint biometric companies in certain cases.

In addition, IDGS’s biometric technology has been used by the U.S. government as a back office AFIS solution to successfully identify transportation workers across the country, as well as in U.S. commercial markets and by other governments throughout the world to verify identity and secure physical and digital access.

By adding the Cards Plus portfolio of physical cards and card personalization solutions, IDGS is now positioned to deliver government and commercial customers a complete solution for their identity programs and financial payment systems.

“Enhancing our secure biometric identity and electronic transaction platforms with state of the art, high speed biometric fingerprint processing and verification technologies, delivers enhanced security to our customers, while providing easy to use and trusted methods of real-time identification,” said IDGS CEO Thomas Szoke. “Identification is essential to realizing the opportunity that global connectedness provides, so that more people may participate in the new economy regardless of where they live or their financial status.”

In August 2015, ID Global Solutions Corporation acquired payment gateway service MultiPay SAS for an undisclosed amount.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.