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© mariusz-szachowski-dreamstime.com General | August 14, 2013

SuperCom to acquire OTI's SmartID Division

SuperCom, a provider of Electronic ID (EID), Security, HealthCare, Homecare, and Electronic Monitoring Solutions, has signed a definitive agreement with On Track Innovations to acquire OTI’s SmartID division.

The acquisition includes employees, all contracts, software and other related technologies, patents and other IP assets. Following a successful conclusion of a due-diligence process, SuperCom will pay USD 10 million, with an earn-out mechanism of up to a further USD 12.5 million subject to various performance criteria and milestones. Arie Trabelsi, CEO of SuperCom commented, “We are very pleased to announce this highly synergistic and accretive merger into SuperCom. This acquisition reflects the continued execution of our long-term strategic plan to become a leading solution provider to the global Electronic ID market. This acquisition boosts our contract base and pipeline, and increases our potential revenue growth." Mr. Trabelsi continued, “The merged SmartID division will vastly expand the breadth of our EID capabilities globally, while providing us with outstanding market and technological experts, together with the best ID software platforms and technologies. This merger enables us to leverage on OTI's rich and wide range of field-proven technologies and solutions, to the fast growing EID market." SuperCom is a provider of Electronic ID (EID), Security, HealthCare, Homecare, and Electronic Monitoring Solutions.
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