ID Global Solutions Corporation (IDGS) announced that it has acquired FIN Holdings Inc. and its subsidiaries ID Solutions Inc. and Cards Plus SA in a deal that closed on February 10th. ID Solutions provides biometric fingerprint software technology and algorithms while Cards Plus is a South African company that provides secure credential products and solutions primarily to government clients in Africa.
ID Solutions' biometric technology has been deployed by the US Government to ensure the identity of transportation workers as well as US commercial clients and other government clients worldwide to verify identity and secure physical and digital assets. The acquisition of Cards Plus' physical cards and card personalization solutions will enable IDGS to provide its clients with a complete solution for their identity programs and financial payment systems.
The subsidiaries generate a combined annual revenue of approximately $2 million. The deal purchase price was $9M payable in 22.5 million shares of common stock priced at $0.40 per share.
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