Global industrial manufacturer 3M has agreed to acquire US biometrics and authentication company Cogent Systems for US$943 million ($1 billion).
3M plans to acquire all outstanding shares within 10 business days. Cogent's board has recommended shareholders accept the offer of US$10.50 per share, which has been endorsed by its US-based CEO and founder, Mingh Hsieh.
"3M can accelerate our growth and extend our reach in global border control markets, law enforcement and commercial applications," Hsieh said in a statement.
Cogent offered 3M an automated fingerprint identification system which typically enables law enforcement agencies to encode them into searchable files for print matching functions.
Cogent was recently selected by the UK's National Policing Improvement Agency to deliver its police a mobile capture device fingerprint referencing system, which will enable authorities to compare fingerprints with its existing database from mobile capture devices.