Gemalto has closed the acquisition of 3M’s Identity Management Business after approval by the relevant regulatory and antitrust authorities. Local share transfer formalities are still underway in two countries and are expected to be completed in the second quarter of 2017.
This strategic acquisition rounds out Gemalto’s Government Programs offering by adding biometric technologies and more secure document features and it ideally positions the Company to provide solutions for the promising commercial biometrics market.
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.
“With the acquisition of 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”, said Philippe Vallée, Gemalto CEO. “I warmly welcome the new teams joining Gemalto and we look forward to working closely together towards success.”