3M has signed a deal to acquire biometric security firm Cogent Systems for $943 million, the companies announced Monday.
According to 3M, it will pay $10.50 per share for Cogent, representing an 18 percent premium over the stock price at market close Friday. 3M will purchase all shares of Cogent "within 10 business days," according to the agreement.
Pasadena, Calif.-based Cogent sells finger, palm, iris, and face biometric systems to governments, law enforcement, and businesses.
The decision of 3M--a massive conglomerate--to acquire Cogent is based on its view that the biometrics market is booming. Cogent is … Read more