Geneva-based TECH5 has acquired Imageware Systems for an undisclosed amount, through its US-based subsidiary, TECH5 Inc. The acquisition pertains to all of Imageware’s assets.
The acquisition would appear to be a validation of a years-long effort on the part of Imageware CEO Kristin Taylor to transform the 36-year-old company. The executive was appointed in early 2020, and went on to appoint new members of the executive team, establish an advisory board, and rebrand Imageware’s flagship, biometrics-focused enterprise security platform.
In the summer of 2021, Taylor launched a strategic review that would explore “available strategic alternatives to maximize shareholder value,” as the company explained in a statement.
“Imageware successfully rebuilt their product portfolio over the last 34 months and have been readying for this moment of merging with a biometrics powerhouse like us to create a biometric authentication company with competitive delineation for the market,” commented TECH5 Chairman, CTO and co-founder Rahul Parthe.
For its part, TECH5 announced an agreement with Imageware last September that would entail the integration of its technology into the latter’s product portfolio. Since then, TECH5 has further elevated its profile with the announcement of a new facial recognition SDK for web apps, and a strategic investment in Dubai-based identity verification startup Uqudo – a move aimed at extending its EMEA presence.
Now, the Imageware acquisition is poised to further expand TECH5’s global reach. “This acquisition represents a strategic step for TECH5, strengthening its presence in North America, and bringing Imageware’s decades-long leadership to new geographies and new vertical markets via TECH5’s footprint,” explained TECH Strategic Advisor Rob Haslam.
TECH5 says it will retain key members of the Imageware team going forward, helping to ensure that customers will benefit from the combined experience and expertise of both the Imageware team and that of TECH5, and continue receiving support and services without interruption.
January 19, 2023 – by Alex Perala