(CercleFinance.com) – Assa Abloy announced on Monday that it has signed an agreement to acquire Control iD, a Brazilian company specializing in access control hardware and software.
In a press release, the Swedish giant of locks and door openings evokes a “strategic” acquisition which will allow it to strengthen its offer both in biometrics and in emerging markets.
The group argues that Control iD’s technology will fill a void in its portfolio, particularly with regard to facial recognition.
Created in 2006 in Sao Paulo, Control iD generates an annual turnover of around 23 million euros with a ‘good level’ of operating margin, for a workforce of some 300 employees.
The acquisition, which will be accretive upon completion, should be completed by the end of the year.
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