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Biometrics - Wednesday, July 18, 2007

Biometrics' Cross Match Technologies Files IPO

Florida-baed Cross Match Technologies has registered to IPO on the Nasdaq where it plans to list about 11.8M shares at an estimated price of $14 - $16 per share. It plans to sell 8.3M shares, while stockholders will sell an additional 3.5M shares. It plans to list under the symbol "CROS." The company lists Credit Suisse as the lead underwriter and lists co-managers are UBS, Morgan Stanley, and Raymond James.

Cross Match's revenue has grown at a compound annual growth rate of 33% from 2002 to 2006. For 2006, revenue came in at $76.9M. It claims has more than 80K product units sold to more than 5K customers in 75 countries. The company is 37.94% owned by Smiths Group in the UK.

We see a lot of biometrics companies that sell a single product line, but Cross Match does it all. Cross Match sells biometric reading technologies for systems integrators, governments, law enforcement agencies and businesses. Its products include fingerprint, palm and full-hand scanning devices, Livescan devices, and document readers. It also has proprietary software, such as criminal booking, civil identification and facial recognition applications.