HAUPPAUGE, N.Y., Sept. 2, 2015 /PRNewswire/ -- VOXX International Corporation VOXX, +3.93% today announced that it has successfully completed its acquisition, effective September 1, 2015, to acquire a controlling stake of biometrics leader, EyeLock. VOXX has acquired a 54% equity interest in a newly formed subsidiary, EyeLock LLC, which now owns all of the intellectual property and substantially all of the other assets of EyeLock, Inc. and its subsidiary EyeLock Corp., and has assumed certain of their liabilities. The total purchase price, inclusive of prior investments, is approximately $20.2 million. The Company also disclosed that it has entered into a Loan Agreement with EyeLock LLC, providing up to $10 million for working capital purposes in the form of a secured credit facility.
Pat Lavelle, VOXX International's President and CEO, stated, "This acquisition holds great potential for our Company and our shareholders as biometrics increasingly has become a desired authentication mechanism for the Internet of Things, and for increased access management and security measures. With EyeLock, we believe we have invested in the fastest and most secure iris-authentication technology in the market, and a company that has significant potential to capture an increasing share of a market that is expected to increase to over $20 billion within the next five years. I look forward to working with Jim Demitrieus, EyeLock's CEO and his team, leveraging our combined resources and expanding our reach with both existing and new distribution partners, enterprises, government agencies, and global technology leaders. This is a major milestone for VOXX and I'm excited about the opportunities this transaction should generate in the coming years."
The Company further reiterated that it has expanded on its existing supply chain and distribution relationship with EyeLock and will now play a larger role in the distribution and sale of EyeLock's suite of products. Prior to the transaction, VOXX had served as the exclusive distribution partner of myris™ to retailers in North America and throughout Europe.