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SITA signs $400M revolving line of credit to develop biometrics

Aware receives $8.85M for facility, leases new building
Categories Biometrics News  |  Trade Notes
SITA signs $400M revolving line of credit to develop biometrics

Biometrics vendor SITA has signed a $400 million inaugural three year-plus revolving credit line that is linked to the company’s environmental sustainability performance.

According to an announcement on the aviation-focused company’s website, the credit will fund general business needs, including the development of biometric products and the creation of strategies to alleviate air transport challenges.

The syndication was oversubscribed, with four new banks joining five banking partners already on board. A complete list is available in the post.

The line of credit is linked to the company’s ongoing sustainability efforts, which will be externally audited.

In particular, the line’s environmental performance plans include reduction targets related to Scope 1, 2 and 3 greenhouse gas emissions to align with Science Based Targets (SBTi) frameworks.

“We are deeply committed to ensuring a sustainable future for all, including for our employees, customers and partners,” SITA CEO Nicolas Husson says.

SITA recently released its 2022 Passenger IT Insights survey. It found pent-up demand for both business and leisure travel has passengers embracing mobile and touchless technologies, including biometrics.

Aware renews biometrics development efforts with new lease

State of Massachusetts-based firm Aware says it has sold an outdated building in Bedford, money that the company will use to lease a more modern building in Burlington.

“We have closed our transaction with FDS Bedford for $8.85 million,” says Aware’s chief financial officer, David Barcelo. “We are excited about the additional capital as we continue to execute our multipronged strategy to transform into a subscription-based platform company.”

The biometrics-focused business plans to occupy the leased building before the end of the year.

The news comes months after Aware reported notable growth in subscription revenue for its biometrics-based security products in the first quarter of 2022.

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