Viisage taps LAU Security
LITTLETON, Mass.-Face-recognition company Viisage Technology announced in mid-January it bought LAU Security Systems, including patents, technology and contracts.
LAU was formed in 1997 to develop products and services based on facial recognition technology for Department of Defense and federal government customers.
As part of the purchase agreement, Viisage will pay LAU a royalty of 3.1 percent for facial recognition revenues over the next 12.5 years, up to a maximum of $27.5 million.
"We are excited that with one grand stroke we can add to our revenues, expand our channels of distribution into the important federal government markets, leverage the highly regarded LAU brand and obtain a highly trained quality technical work-force, while preserving cash and without diluting our stock," said Tom Colatosti, president and chief executive officer of Viisage.
Some of the contracts and relationships LAU brings to the table include federal agencies such as the Department of Justice, FAA and INS.