Pangiam to merge biometrics with BigBear.ai computer vision analytics in $70M deal

Pangiam has been acquired by Maryland-based BigBear.ai for $70 million in stock to combine its facial recognition and other biometrics with computer vision capabilities for U.S. government and enterprise customers.

The companies say the definitive merger agreement positions the combined entity as a leader in one of AI’s fastest-growing segments.

“Vision AI has long been considered the holy grail of applied AI because of its potential to perceive and interact with the world in a human way,” says Mandy Long, CEO, BigBear.ai. “BigBear.ai’s acquisition of Pangiam will create a full-vision AI portfolio – among the first in the industry – leveraging near-field vision AI in support of localized environments and far-field vision AI in support of global scale environments. The integration of these two businesses will result in significant operational benefits for our shared customers.”

BigBear.ai has more than 20 customers among U.S. government defense and intelligence agencies, and 160 enterprise customers. Adding Pangiam expands its customer base with major airlines, airports and identity verification providers, and gives it a foothold with the U.S. Department of Homeland Security and Customs and Border Protection. Prominent examples include a partnership with Clear for pre-scheduled biometrics checks with the TSA at Miami International, and a deal to supply biometrics for Delta Airlines and the TSA in Atlanta.

The transaction is expected to close during the first quarter of 2024, subject to the usual conditions.

“The combination of Pangiam and BigBear.ai will position our combined companies to vault solutions currently available in market,” said Kevin McAleenan, CEO of Pangiam. “With our shared mission and a complementary customer base and product set, our teams will be able to pursue larger customer opportunities, enhance our technology development, and accelerate our growth. We’re thrilled to soon join the BigBear.ai team.”

Pangiam acquired both veriScan and TrueFace in 2021 to upgrade its face biometrics capabilities for integration with its travel industry portfolio.

Article Topics

acquisitions  |  BigBear.ai  |  biometrics  |  computer vision  |  facial recognition  |  Pangiam