Francisco Partners has sold its portfolio company Crossmatch to HID Global. Francisco Partners first invested in Crossmatch in July 2012.
Crossmatch is a provider of biometric identity management and secure authentication services. The company has more than 5,000 customers worldwide and more than 250,000 products deployed in over 80 countries. Cross Match’s customers include the US Department of Defense, Department of Homeland Security, US State Department and various state and local governments; as well as foreign governments and law enforcement agencies. It also provides is biometric products to customers in the transportation, financial services, education, and healthcare sectors. Crossmatch, founded in 1996, has more than 270 employees and is headquartered in Palm Beach Gardens, FL (www.crossmatch.com).
“I am very pleased that Crossmatch is joining the HID family. Countering today’s advanced security threats requires innovative, comprehensive identity management solutions incorporating both biometric and non-biometric components,” said Richard Agostinelli, CEO of Crossmatch. “Our market-leading biometric identity management solutions and unique composite authentication solution perfectly complement HID’s already robust offerings. This will enable us to provide our global customers with an even broader range of trusted identity solutions, and our employees with increased opportunity for professional growth.”
“Our acquisition of Crossmatch strengthens HID Global’s ability to offer innovative biometric identity solutions to hundreds of millions of users worldwide,” said Stefan Widing, President and CEO of HID Global. “Adding Crossmatch to our company will extend HID’s market leadership in the trusted identity space and allow us to fulfill the promise of biometrics in critical identity applications.”
HID Global is a manufacturer of physical access control products, logical access control products, and secure issuance products that includes cards, readers, smart card readers, networked access solutions, card printer/encoders and software. HID Global was formed in 1991 as Hughes Identification Devices, a subsidiary of Hughes Aircraft Company, and was acquired by Assa Abloy, a Swedish conglomerate and the world’s largest lock-maker, in November 2000. HID Global has over 3,000 employees and is headquartered in Austin (www.hidglobal.com).
Francisco Partners makes investments in technology companies with transaction values ranging from $20 million to $2 billion. Transaction structures include buyouts, divisional divestitures, recapitalizations, restructurings and growth equity financings. Francisco Partners is headquartered in San Francisco with an additional office in London (www.franciscopartners.com).
© 2018 Private Equity Professional | September 25, 2018