Gemalto announced its deal to acquire 3M’s Identity Management Business — headquartered in the United States — for $850 million.
3M’s Identity Management Business includes 3M Cogent Inc., which provides biometric solutions with a focus in civil identification, border control and law enforcement, and 3M’s Document Reader and Secure Materials Businesses.
3M’s Identity Management Business is used by governments, law enforcement, border control and civil identification bodies worldwide.
It offers biometric based solutions enabling identity verification and authentication. 3M’s Identity Management experts — approximately 450 – have developed biometrics algorithms such as finger, face, iris, etc.
Annual revenue of 3M’s Identity Management Business is approximately $215 million and with $58 million profit.
This acquisition completes Gemalto Government Programs offer by in-sourcing biometric technology and positions the company to provide solutions for the commercial biometrics market.
3M’s Identity Management Business will become part of Gemalto Government Programs business which recorded a revenue of EUR 391 million in 2015.
“3M’s Identity Management Business and Gemalto perfectly fit, solving authentication and identity management pain points across our customer segments, creating immediate increased differentiation and offering additional long term growth perspectives,” said Philippe Vallee, Gemalto CEO.