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ActivIdentity to join the HID Global business unit, advancing the convergence of logical and physical access systems
Fremont, Ca., Oct 11, 2010 - ActivIdentity Corporation, (NASDAQ: ACTI), a global leader in intelligent identity assurance, today announced that the company has entered into a definitive agreement to be acquired by ASSA ABLOY AB, the parent company of HID Global, in a cash transaction at a price of $3.25 per share, or approximately $162 million. This per share price represents a premium of approximately 43% over the closing price of ActivIdentity shares on Friday, October 8, 2010 and a premium of 48% over the 20-day average of closing prices. ActivIdentity will become part of ASSA ABLOY’s HID Global business and ActivIdentity products will provide the foundation for HID Global’s logical access offering.
The acquisition, which is subject to ActivIdentity shareholder approval, applicable regulatory clearances and other customary closing conditions, is expected to close in December 2010.
Commercial and government organizations are faced with ever-changing threats to their information and physical assets and, at the same time, they must deal with a broad range of compliance requirements. Optimizing security while simplifying the user experience and minimizing costs is a enormous challenge that can best be solved by joining logical and physical access capabilities into a single, integrated solution. The combination of ActivIdentity’s suite of identity assurance solutions with HID’s physical and logical access solutions, provides a powerful offering to the market.
“Organizations and their users are burdened with the expense and complexity of redundant identity assurance technologies,” said Grant Evans, chairman and CEO of ActivIdentity. “Now for the first time, customers will be able to benefit from the convergence of physical and logical access control solutions.”
“Through the combined power of HID Global and ActivIdentity, we have a compelling opportunity to finally address the use of a single credential for access to physical and logical domains,” said Denis Hebert, president and CEO of HID Global. “ActivIdentity is a strong complement to our identity and access management solutions, enabling us to add a new dimension in our ability to deliver value to our customers.”
Foros Securities LLC acted as exclusive financial adviser to ActivIdentity. Wilson Sonsini Goodrich & Rosati, P.C. acted as counsel to ActivIdentity