Retica acquired by L-1 Identity Solutions
Boston, MA – March 24, 2010 – Mirus Capital Advisors, a middle-market investment bank, announced today that it has advised the management and shareholders of Retica Systems, Inc. on the sale of its business to L-1 Identity Solutions (NYSE: ID). Headquartered in Waltham, Massachusetts, Retica provides biometric hardware and software products that use innovative iris recognition algorithms to identify people in varied and challenging environments.
“Mirus did an extraordinary job of managing the transaction process through challenging market conditions,” said Barry Morse, Chief Executive Officer of Retica. “The Mirus team’s resourcefulness, responsiveness, and tenacity culminated in a transaction that makes good sense for Retica’s stakeholders.”
“This asset acquisition gives us a greater range of solutions to address a wider set of opportunities more quickly within the growing market of high-volume and large-scale civilian identity management programs,” Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions. “Our existing solutions continue to dominate high-end identity management applications, such as those used by military and foreign military services in areas of conflict. With the Retica assets, we incorporate a solution that addresses broader market applications requiring lower cost solutions without compromising speed or accuracy. The Retica assets also open up new opportunities for L-1 outside of the government market, particularly in commercial identity management applications used by the gaming, hospitality, healthcare, and other industries.”
About Retica Systems:
Retica Systems develops innovative iris-based identity management systems. Its multi-modal iris and face capture systems, combined with its fast and accurate matching algorithms, enable customers to identify multiple people simultaneously, at a distance of 2.5-10 meters, while in motion. Retica’s Identity in Motion™ systems improve the accuracy and throughput problems of hands-on, one-at-a-time systems. Retica is backed by Boston-based venture capital firm’sigma Partners. For more information, visit www.retica.com.
About L-1 Identity Solutions:
L-1 Identity Solutions, Inc. (NYSE: ID) protects and secures personal identities and assets. Its divisions include Biometrics / Enterprise Access and Secure Credentialing solutions, as well as Enrollment and Government Consulting services. With the trust and confidence in individual identities provided by L-1, international governments, federal and state agencies, law enforcement and commercial businesses can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions has more than 2,200 employees worldwide and is headquartered in Stamford, CT. For more information, visit www.L1ID.com.
About Mirus Capital Advisors:
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing and distribution. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. For additional information, visit www.merger.com.Back to Transactions