L-1 buys Maryland's Advanced Concepts
Robert LaPenta moves forward with the second phase of his acquisition strategy; network security and engineering firm expected to widen federal market access
L-1 Identity Solutions is one of those companies that counts successes like Uncle Scrooge counts greenbacks. Just two days ago we reported that the Stamford, Connecticut-based company had signed a deal to provide the airport kiosks for Steven Brill’s Verified Identity Pass program. The next day, the company announced another in a long line of acquisitions: Columbia, Maryland-based Advanced Concepts, Inc. (ACI), a company best known for network security solutions and and systems engineering and development services for U.S. intelligence and military agencies.
Although not strictly a biometrics company, the acquisition of ACI is expected to widen L-1’s access to the federal market. “Today’s announcement is consistent with the second phase of L-1 Identity Solutions’ acquisition strategy: to add high value and synergistic businesses with best-in-class services and technologies, robust organic growth, and strong customer relationships,” said CEO Robert LaPenta. Under the terms of the agreement, L-1 Identity Solutions will pay ACI shareholders $71.5 million in cash, with the opportunity to earn up to an additional $6 million in consideration if key performance thresholds are attained. ACI had revenues of $45 million in 2006.
