Assa Abloy: acquisition in access control Brazil
(CercleFinance.com) - Assa Abloy announced on Monday that it has signed an agreement to acquire Control iD, a Brazilian company specialising in access control hardware and software.
The Swedish locks and door opener giant said that this is a "strategic" acquisition that would strengthen its offering both in biometrics and emerging markets.
The group claims that Control iD's technology will fill a gap in its portfolio, particularly in the area of facial recognition.
Founded in 2006 in Sao Paulo, Control iD generates annual revenues of around 23 million euros, with a sound operating margin, with the company having around 300 employees.
The acquisition, which will be accretive upon completion, is expected to be completed by the end of the year.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The Swedish locks and door opener giant said that this is a "strategic" acquisition that would strengthen its offering both in biometrics and emerging markets.
The group claims that Control iD's technology will fill a gap in its portfolio, particularly in the area of facial recognition.
Founded in 2006 in Sao Paulo, Control iD generates annual revenues of around 23 million euros, with a sound operating margin, with the company having around 300 employees.
The acquisition, which will be accretive upon completion, is expected to be completed by the end of the year.
Copyright (c) 2022 CercleFinance.com. All rights reserved.