ID Global Solutions acquires FIN Holdings
16 February 2016 14:29 GMT

Biometric identity and electronic transaction solutions firm ID Global Solutions has announced the acquisition of FIN Holdings and wholly owned subsidiaries.

These subsidiaries include ID Solutions, a Delaware Corporation specializing in biometric fingerprint software technology and algorithms, as well as Cards Plus SA, a South African company which provides unique secure credential products and solutions to government customers in Africa.

In a statement, the buyer noted that the US$9 million acquisition enhances IDGS's current transaction security and financial inclusion platforms with biometric fingerprint verification and backend matching capabilities.

Recently tested by the US Government National Institute of Standards, ID Solutions' proprietary fingerprint technology performed in certain cases ahead of other leading fingerprint biometric companies from around the world. 

The technology has also been successfully deployed by the US government as a back office AFIS solution that is used to ensure the identity of transportation workers throughout the country, as well as in US commercial markets and by other governments worldwide in order to verify identity and secure physical and digital access.

With the addition of the cards plus portfolio of physical cards and card personalization solutions, IDGS said it can now provide government and commercial customers with a complete solution for their identity programmes and financial payment systems.

The purchase price will result in IDGS issuing 22,500,000 shares of IDGS common stock to the FIN shareholders.

Thomas Szoke, IDGS's Chief Executive Officer, said: "Enhancing our Secure Biometric Identity and Electronic Transaction platforms with state of the art, high speed biometric fingerprint processing and verification technologies, delivers enhanced security to our customers, while providing easy to use and trusted methods of real-time identification. Identification is essential to realizing the opportunity that global connectedness provides, so that more people may participate in the new economy regardless of where they live or their financial status”.