NXT-ID to acquire LogicMark for $20 million
NXT-ID’s extensive expertise in biometrics and miniaturization will help LogicMark develop PERS solutions.
The deal, which was initially on May 19 at Affiliated Monitoring’s PERS conference Catalyst, is expected to be completed by the end of June.
The two companies have complementary capabilities, and the acquisition will bring LogicMark in-house engineering staff while NXT-ID will receive access to the LogicMark customer base, warehousing and customer service.
LogicMark manufactures both monitored as well as non-monitored PERS devices, which directly call 911.
“The biggest benefit to us is the technical resources,” said LogicMark president Kevin O’Connor. “The PERS market is primarily driven by the monitored solutions. LogicMark will also expand its monitored solutions.
NXT-ID provides a range of technologies for biometric access control, mobile commerce, and Department of Defense contracts.
O’Connor asserts that there is a distinct overlap between biometrics and PERS technologies.
“The most immediate application is utilizing voice recognition technology in voice-activated devices,” he said. “We are in the development stage with our voice-activated emergency wall communicator and NXT engineering resources will work with us on finalizing that development.”
NXT-ID will provide some input in LogicMark’s current product development, O’Connor said, and customers will “see some impact” on LogicMark’s products “as early as late this year”.
O’Connor said that the company plans to keep the LogicMark brand and operate as a wholly owned subsidiary.
Previously reported, NXT-ID exclusively demonstrated its electronic wallet product to BiometricUpdate.com in early Janutary at the 2016 Consumer Electronics Show in Las Vegas.