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Biometrics - Wednesday, January 24, 2007

Face Recognition Tech Specialist A4 Vision Acquired

Bioscrypt (TSX: BYT), which sells enterprise access control technologies, will acquire VC-backed A4Vision, for an undisclosed amount. We still haven't seen one of these biometrics tools in a work-place but the experts say they are coming. The International Biometrics Group projected that the facial recognition market will represent more than $1.4B or 19% of the total market come 2012. Fingerprint matching is predicted to be 25%.

A4 Vision claims as customers: the US Department of Defense, the US Department of Homeland Security, Pictet bank of Switzerland, New Jersey Transit, and Denver Regional Transit District.

Upon completion of the merger, investors in A4Vision have agreed to invest between $6M and $8M in newly issued Bioscrypt shares and warrants to purchase Bioscrypt common shares. A4Vision investors, including EuroQube SA, In-Q-Tel, Logitech, Menlo Ventures, Motorola Ventures, NTT Leasing., TAKO Ventures, and Wedge International will own, on a fully diluted basis, up to approximately 32% of the pro forma company.

Read - BIOSCRYPT INC. TO ACQUIRE A4VISION AND RECEIVE SUBSTANTIAL NEW INVESTMENT CAPITAL (Press Release)