Tuesday, September 1, 2009

Intellicheck Mobilisa Buys Competitor

Port Townsend, Washington-based Intellicheck Mobilisa said this morning that it has acquired a competitor, Positive Access Corporation, a developer of drivers' license reading software. The deal was worth $2.225M in stock and cash. Intellicheck Mobilisa said that Minnesota-based Positive Access develops software development kits used to scan and read driver's licenses. Positive Access will become part of its commercial business group. Intellicheck Mobilisa said that it will pay $625,000 in cash and $800,000 in its stock, with remaining payments twelve and twenty-four months after closing of the deal.