Markland acquires surveillance and security firm for $10M
February 17, 2005
RIDGEFIELD, Conn. - Homeland security company Markland Technologies, through an acquisition of a shell company, purchased Genex Technologies in a cash and stock deal valued at $10 million.
Markland paid $3 million in cash for the company through Technest Holdings. Genex, which has 20 patents either issued or pending in video and imaging technologies, supplies imaging, surveillance and security sensor technologies.
In particular, Genex develops surveillance technologies for object tracking and image enhancement and biometrics technologies for enhancing facial recognition applications.
Based in Kensington, Md., Genex employs 32 and reported approximately $5.5 million in revenue in 2004. Markland said the deal enables it to capture additional business within the homeland security and defense market.
Technest Holdings, a publicly held company, did not have any operations prior to its acquisition by Markland.