Objective is to establish new industry paradigm for secure issuance of government, corporate and campus identification credentials
IRVINE, CA., August 15, 2006 – HID Global, a leading manufacturer in the access control industry, today announced that it has completed the acquisition of Fargo Electronics, Inc. The transaction was finalized after meeting regulatory approval and customary closing conditions.
Fargo Electronics is a global leader in the development of secure technologies for identity card issuance systems, including secure card printer/encoders, materials and software. The Eden Prairie, MN company's card issuance systems reduce vulnerabilities and potential for loss of time, money and identity by continually improving the security of identification credentials.
The acquisition is a result of a long-standing relationship between two market-leading companies and their decision to jointly pursue opportunities in the secure identification field. Together, the organizations create a foundation to guarantee that credential materials are protected, the credential issuing process is unassailable, and the resulting product comes from the industry's most highly secure issuance process.
Going forward, Fargo will continue to conduct business as an independent unit within HID Global and both companies will work together to solidify potential synergies and identify opportunities for future digital identity and managed access solutions. The aim is to provide a unique value proposition for high security credential issuance and applications, from process to verification to authentication.
"With the completed acquisition, we are now positioned as a leader in the rapidly-growing market for secure issuance of corporate and national ID credentials," stated Denis Hébert, president and CEO of HID Global. "Controlled access to materials, intelligent hardware that notifies authorities of misuse, and other enhanced process security features will set a new standard for performance in the industry."