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RFID Security Solutions Provider Acquired for $5.1m
Israel's VUANCE today announced the planned $5.1 million acquisition of Security Holding Corp, whose two subsidiaries SecurityInc and AAID provide RFID solutions for access control, asset tracking, and vehicle identification, among other security-related applications.
Jul 09, 2007—This article was originally published by RFID Update.
July 9, 2007—Israel's VUANCE today announced the planned acquisition of Security Holding Corp (SHC), whose two subsidiaries SecurityInc and AAID provide RFID solutions for access control, asset tracking, and vehicle identification, among other security-related applications. The acquisition price is $5.1 million, which will be paid with shares of VUANCE, currently traded on the OTC Bulletin Board under the symbol VUNCF.
VUANCE is headquartered in Qadima, Israel, and has a US subsidiary in Virginia. The company provides solutions to enterprises in the public safety, commercial, and government sectors that enable viewing, tracking, locating, and credentialing both assets and employees. SHC's SecurityInc is based in Milwaukee, Wisconsin, and offers a suite of offerings to both the residential and commercial markets that include access control, smart cards, and vehicle identification. SHC's other subsidiary AAID, based in Georgia, offers a similar portfolio of products based on active RFID.
VUANCE believes that SHC's offerings complement its existing solutions well. "SHC has significant experience with RFID-enabled applications and has developed well-proven access control systems that should be synergistic with our [systems]," indicated CEO Eyal Tuchman. The combined portfolio will allow VUANCE to offer simpler, single-facility solutions at the low end of the market, all the way up to sophisticated solutions for multi-facility installations.
The acquisition of SHC will also serve to broaden VUANCE's presence in the US, a key market for the company. "As we have stated previously, one of VUANCE's key strategic objectives is to expand its market presence, penetration, and sales opportunities in the United States," Tuchman was quoted in the announcement. "With thousands of commercial, governmental and institutional, security management, access control, and RFID installations in the US, SHC will have an immediate and meaningful impact upon our geographic footprint in North America."
The acquisition, which is subject to approval by VUANCE shareholders, is slated to close on August 17th. VUANCE expects that it will contribute between five and six million dollars to the company's revenues in the first year. VUANCE will purchase SHC from Homeland Security Capital Corporation, an investment firm whose focus is the highly fragmented US homeland security industry. It acquired SHC last October, though financial details of the transaction were not disclosed.
Read the announcement from VUANCE
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