- Email: [email protected]
Steady as she goes at Cogent Systems
NEWS
company news • e-Smart Technologies and its parent company IVI Smart Technologies are to partner with privately-held US group World Developments Corporation (WDC). The agreement will finance the implementation of e-Smart’s Biometric Verification Security System BVS2 in Mauritania, Mali, Equatorial Guinea, Angola, Mauritius, Camores Islands and South Africa. WDC with IVI Smart and e-Smart Technologies intend to establish Homeland Defense subsidiaries in all of these countries, installing and implementing BVS2 and all related technologies to be utilized in a number of areas including government contracts, banking and payment systems, border security and all security related areas. • L-1 Identity Solutions has entered into an agreement to acquire privately-held Advanced Concepts Inc (ACI). Under the terms of the agreement, L-1 Identity Solutions will pay ACI shareholders US$71.5 million in cash. ACI will operate as a division of L-1 Identity Solutions and is expected to provide the company with access to a wider customer base within the US government and to add a greater depth of complementary services. The transaction is expected to close during the company’s second quarter ending June 30. • BioPassword has announced the expansion of its operations into Europe. The company has recruited Pierre Blom, to lead its European operations with headquarters in Reigate, England. Blom joins the company from Sun Microsystems Sweden. Meanwhile, the company has also unveiled its Enterprise Edition 3.1, with major enhancements including security alerts, advanced reporting and support for Citrix Presentation Server 4.5. Enterprise Edition 3.1 is optimized for Windows Active Directory and Citrix environments, and adds an additional knowledge-based authentication (KBA) factor.
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Cross Match to go public Cross Match Technologies, a company providing ePassport scanners, as well as a range of fingerprint, palm and other scanning devices for use in applications such as border control and national identification programs has filed plans to take the company public. The company could raise as much as US$225 million by floating itself on the US Nasdaq, according to analysts, although the company said the number of shares to be offered and the price range for the offering have not yet been determined. The company has proposed “CROS” as its NASDAQ Global Market symbol. In its prospectus, Cross Match notes its total revenue has grown at a compound annual growth rate of 33% from 2002 to 2006 to give it a revenue of US$76.9 million last year. However, the company said that increase was highly attributable to its purchase of Smiths Heimann Biometrics, and similar growth rates would be unlikely in the future. The company also noted it has experienced net losses in each fiscal year since it began business operations in 1996, including an US$11.3 million loss in 2006. Credit Suisse Securities (USA) LLC will act as sole bookrunner for the offering, UBS Investment Bank and Morgan Stanley & Co. will act as co-lead managers and Raymond James & Associates, Inc. will act as comanager.
financial results
Steady as she goes at Cogent Systems Cogent Systems has announced its financial results for the first quarter ended 31 March 2007. First quarter 2007 revenues were US$30.1 million, a 32% increase compared to revenue of US$22.7 million in the same quarter last year. Net income on a GAAP basis for the first quarter of 2007 was US$6.2 million, or US$0.06 per diluted share. This compares to GAAP net income of US$6.7 million, or US$0.07 per diluted share in the same period last year. The company claims first quarter 2007 net and operating income were impacted by US$2.7 million in legal expenses related to an ongoing intellectual property lawsuit.
Cogent Systems has attributed its 32% revenue increase in part to its success in adding a number of new core customers and expects its growth to continue. Ming Hsieh, president and chief executive officer of Cogent commented “The need for biometric solutions continues to grow, and we are pursuing an increasing number of new projects for border control, law enforcement, the civil market and the commercial sector. We expect several sizable procurements to be awarded this year by large government agencies both domestically and internationally.” The company maintains that it is comfortable with its 55% to 60% full year gross margin target. Contact: Paul Kim at Cogent Systems, Tel: +1 626 799 8090
financing
Titanium gets US$1.45 million in financing Biometric and security solutions provider, Titanium Group, has announced that it has completed a US$1.45 million financing which will enable it to increase its current growth rate. This is the first significant financing Titanium has received since the commercialization of its patented biometric facial recognition technology. Titanium’s AFRS (automated face recognition systems) products capture human face images electronically, input the facial images into searchable files and compare the facial images to a database containing millions of faces. The funding will be used to expand Titanium’s sales operations and accelerate the company’s global market presence, in addition to enabling the company to secure and deliver large contracts over the next 18 months. The management anticipates that the company will continue to maintain substantial growth with this new investment capital. As a result, over the next 12 months, the company expects to additionally announce several new business developments. Dr. Johnny Ng, Chairman of Titanium, commented “We are extremely pleased with the premium international and domestic Investment Funds which have participated in Titanium’s financing. We’re helping the company reach new levels by supplying the growth capital needed to support and expand its presence, and complete the fulfilment of existing backorders.” First Montauk Securities, a NASD member firm, acted as the selling agent in this transaction.
Biometric Technology Today • May 2007
company news • e-Smart Technologies and its parent company IVI Smart Technologies are to partner with privately-held US group World Developments Corporation (WDC). The agreement will finance the implementation of e-Smart’s Biometric Verification Security System BVS2 in Mauritania, Mali, Equatorial Guinea, Angola, Mauritius, Camores Islands and South Africa. WDC with IVI Smart and e-Smart Technologies intend to establish Homeland Defense subsidiaries in all of these countries, installing and implementing BVS2 and all related technologies to be utilized in a number of areas including government contracts, banking and payment systems, border security and all security related areas. • L-1 Identity Solutions has entered into an agreement to acquire privately-held Advanced Concepts Inc (ACI). Under the terms of the agreement, L-1 Identity Solutions will pay ACI shareholders US$71.5 million in cash. ACI will operate as a division of L-1 Identity Solutions and is expected to provide the company with access to a wider customer base within the US government and to add a greater depth of complementary services. The transaction is expected to close during the company’s second quarter ending June 30. • BioPassword has announced the expansion of its operations into Europe. The company has recruited Pierre Blom, to lead its European operations with headquarters in Reigate, England. Blom joins the company from Sun Microsystems Sweden. Meanwhile, the company has also unveiled its Enterprise Edition 3.1, with major enhancements including security alerts, advanced reporting and support for Citrix Presentation Server 4.5. Enterprise Edition 3.1 is optimized for Windows Active Directory and Citrix environments, and adds an additional knowledge-based authentication (KBA) factor.
6
ipo
Cross Match to go public Cross Match Technologies, a company providing ePassport scanners, as well as a range of fingerprint, palm and other scanning devices for use in applications such as border control and national identification programs has filed plans to take the company public. The company could raise as much as US$225 million by floating itself on the US Nasdaq, according to analysts, although the company said the number of shares to be offered and the price range for the offering have not yet been determined. The company has proposed “CROS” as its NASDAQ Global Market symbol. In its prospectus, Cross Match notes its total revenue has grown at a compound annual growth rate of 33% from 2002 to 2006 to give it a revenue of US$76.9 million last year. However, the company said that increase was highly attributable to its purchase of Smiths Heimann Biometrics, and similar growth rates would be unlikely in the future. The company also noted it has experienced net losses in each fiscal year since it began business operations in 1996, including an US$11.3 million loss in 2006. Credit Suisse Securities (USA) LLC will act as sole bookrunner for the offering, UBS Investment Bank and Morgan Stanley & Co. will act as co-lead managers and Raymond James & Associates, Inc. will act as comanager.
financial results
Steady as she goes at Cogent Systems Cogent Systems has announced its financial results for the first quarter ended 31 March 2007. First quarter 2007 revenues were US$30.1 million, a 32% increase compared to revenue of US$22.7 million in the same quarter last year. Net income on a GAAP basis for the first quarter of 2007 was US$6.2 million, or US$0.06 per diluted share. This compares to GAAP net income of US$6.7 million, or US$0.07 per diluted share in the same period last year. The company claims first quarter 2007 net and operating income were impacted by US$2.7 million in legal expenses related to an ongoing intellectual property lawsuit.
Cogent Systems has attributed its 32% revenue increase in part to its success in adding a number of new core customers and expects its growth to continue. Ming Hsieh, president and chief executive officer of Cogent commented “The need for biometric solutions continues to grow, and we are pursuing an increasing number of new projects for border control, law enforcement, the civil market and the commercial sector. We expect several sizable procurements to be awarded this year by large government agencies both domestically and internationally.” The company maintains that it is comfortable with its 55% to 60% full year gross margin target. Contact: Paul Kim at Cogent Systems, Tel: +1 626 799 8090
financing
Titanium gets US$1.45 million in financing Biometric and security solutions provider, Titanium Group, has announced that it has completed a US$1.45 million financing which will enable it to increase its current growth rate. This is the first significant financing Titanium has received since the commercialization of its patented biometric facial recognition technology. Titanium’s AFRS (automated face recognition systems) products capture human face images electronically, input the facial images into searchable files and compare the facial images to a database containing millions of faces. The funding will be used to expand Titanium’s sales operations and accelerate the company’s global market presence, in addition to enabling the company to secure and deliver large contracts over the next 18 months. The management anticipates that the company will continue to maintain substantial growth with this new investment capital. As a result, over the next 12 months, the company expects to additionally announce several new business developments. Dr. Johnny Ng, Chairman of Titanium, commented “We are extremely pleased with the premium international and domestic Investment Funds which have participated in Titanium’s financing. We’re helping the company reach new levels by supplying the growth capital needed to support and expand its presence, and complete the fulfilment of existing backorders.” First Montauk Securities, a NASD member firm, acted as the selling agent in this transaction.
Biometric Technology Today • May 2007