ImageWare Systems Acquires Sol Logic
ImageWare Systems Inc., a developer of identity management solutions, has acquired the assets of Sol Logic Inc., a producer of real-time voice recognition and language translation technology, for $3.2 million.
The purchase price will be paid in shares of restricted common stock, to be issued in two tranches over a six-month period. Frank R. Mitchell, the CEO of Sol Logic, will join ImageWare's management team.
ImageWare will integrate Sol Logic's technology into its biometric platform which includes real-time voice recognition, multiple language translation and voice analytics capabilities, as well as support for multilingual chat, distributed speed for MeshNet and document exploitation.
Not only will it enable users to capture and manage biometric identities using multiple biometrics and multiple hardware platforms, but also provide language translation and voice recognition capabilities whereby an English-speaking user can be understood in numerous languages including Spanish, German, French, Korean and Arabic. The company's intelligence, defense, public safety and border control customers will now have the ability to deploy a mobile, multi-biometrics identification solution.
"We are very excited about this acquisition which will strengthen ImageWare's position as an innovator in the industry. Sol Logic's unique technology will enable ImageWare to add real-time voice recognition, multiple language translation and voice analytics capabilities to our biometric offerings," said Jim Miller, ImageWare's chairman and CEO. "In addition, Frank's experience and his proven track record in developing reliable, combat-proven and field proven technologies for military forces will be a great complement to our executive team. His leadership skills and strategic planning will add immediate value and additional insight into the biometric identity management market.
"Furthermore, with this acquisition, we expect to regain AMEX compliance. We plan to appeal AMEX's determination and will immediately request an oral hearing before an AMEX Listing Qualifications panel. The initiatives we have put in place over the last year are each part of a strategic plan to create long-term growth and sustainable value for our shareholders. These initiatives include the advancement of our biometric product portfolio and distribution channels; and new and improved relationships with the top systems integrators such as Honeywell, SAIC, Unisys and GE Security."
"As an expert in the biometric field, ImageWare has built relationships with the government and large systems integrators,” Mitchell said. “As such, it can leverage its resources to market and distribute this voice recognition and translation technology as a stand alone product or expand its application by integrating it into other products. We are excited to become part of ImageWare and the opportunity to grow our market."