Voxx Wraps Up Purchase of Biometrics Company EyeLock for $20.2 Million
Voxx completed its buy of biometrics company EyeLock for about $20.2 million, it said Wednesday. Voxx said last month (see 1508190039) that it was creating an “acquiring entity” to buy a majority of EyeLock, which holds more than 70 patents…
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and pending patents in iris authentication. Voxx CEO Pat Lavelle said the acquisition holds great potential for Voxx because "biometrics increasingly has become a desired authentication mechanism for the Internet of Things, and for increased access management and security measures.” Lavelle called EyeLock the “fastest and most secure iris-authentication technology in the market,” pegging overall category revenue forecasts at $20 billion in the next five years. Lavelle said he will work with EyeLock CEO Jim Demitrieus and his team to leverage combined resources and expand reach with existing and new distribution partners, enterprises and government agencies. Before the transaction, Voxx was the exclusive distribution partner of EyeLock’s myris devices to retailers in North America and throughout Europe, and Voxx will now play a larger role in distribution and sales, it said.