Digital security outfit Gemalto has closed its acquisition of 3M’s Identity Management Business after approval by the relevant regulatory and antitrust authorities.
This strategic acquisition rounds out Gemalto’s cunning plan to get Government contracts offering by adding biometric technologies and more secure document features. It ideally positions the Company to provide solutions for the promising commercial biometrics market, the outfit claims.
The Identity Management Business will be integrated into Gemalto Government Programs business. In 2016, the acquired business generated $202 million in revenue and an estimated $53 million in profit from operations.
Philippe Vallée, Gemalto CEO said that buying 3M’s Identity Management Business, Gemalto makes a strategic move by in-sourcing biometric technology.
“Combining our market access, technologies and expertise will enable Gemalto to further accelerate the deployment of trusted national identities and to offer strong end-to-end biometric authentication solutions throughout the digital economy. “
