In September 2015, VOXX International Corporation completed its acquisition of a majority voting interest in substantially all of the assets and certain specified liabilities of Eyelock, Inc. and Eyelock Corporation through a newly-formed entity, Eyelock LLC. The total purchase price was $31.9 million.
Eyelock is a market leader or iris-based identity authentication solutions and this acquisition allows the Company to enter into a growing biometrics market. At the time of the investment, VOXX International also expanded its existing supply chain and distribution relationships with Eyelock, playing 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. The companies began working together following VOXX International’s initial $3.0 million investment in 2014, which provided VOXX International with a 4.1% ownership position at that time.