Markland tech. bulks up on its surveillance strength
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.
Markland officials said the deal enables it to capture additional business within the homeland security and defense market.
Ã¢â‚¬Å“The bottom line for us is it gives us a strong business base and technology platform,Ã¢â‚¬Â said Joseph Mackin, chief operating officer at Markland.
In particular, Genex develops 3D surveillance technologies for object tracking and image enhancement, and biometrics technologies for enhancing facial recognition applications.
Markland officials said demand for 3D applications is expected to grow over the next 24 months, with uses by the government agencies and the medical industry.
The Genex acquisition complements an existing surveillance company in MarklandÃ¢â‚¬â„¢s portfolio. Last June, the company acquired E-OIR Technologies, a Woodbridge, Va.-based provider of wide-area remote sensing technologies. Mackin said although there are synergies between the two units, there are no plans to combine the divisions at this time.
Genex will remain based in Kensington, Md. The company employs 32 and reported approximately $5.5 million in revenue in 2004.
Technest Holdings, a publicly held company, did not have any operations prior to its acquisition by Markland.