VOXX International Corporation, an automotive and consumer electronics maker, has signed a Definitive Agreement with EyeLock to purchase the latter’s assets, including its IP portfolio. In other words, VOXX is buying out the iris scanning technology developer.
It’s a strong acquisition, from a technological standpoint. EyeLock’s latest iris-based access control product has an extremely high accuracy rate that the company says is second only to DNA identification, and the company has also developed a laptop with iris scanning capabilities. With its newly acquired controlling interest, VOXX is aiming to expand the distribution networks for EyeLock’s products, and to focus efforts on access control and enterprise clients.
While a part of VOXX’s affinity for EyeLock may have come from the companies’ automotive interests – EyeLock once had its iris scanning technology integrated in a 3D-printed car as part of an auto show – the driving interest behind the acquisition is more broadly sweeping. VOXX has an eye on the myriad ways in which biometric technology will increasingly be a part of everyday life going forward. In a statement, VOXX CEO Pat Lavelle highlighted the “staggering” growth underway in the global biometrics market, and pointed to security needs in the areas of online activity, physical infrastructure, and the emerging Internet of Things as major market drivers, concluding, “EyeLock is well positioned to benefit from these positive market conditions.”
“While we know it will take time,” he said, “we are confident in the potential this investment will bring to our Company and our shareholders.”
August 20, 2015 – by Alex Perala