Identix Inc. said it has completed its purchase of Identicator Technology Inc. of San Bruno, Calif.
The deal, announced in November, brings together two leading vendors of fingerprint identification systems. Identicator's focus on low-cost, mass distribution systems can balance Identix's specialty in high-end institutional workstations. Identicator has sold systems to MasterCard International and banks.
Oscar Pieper, president and CEO of Identicator, said the company's low price points and partnerships with computer and keyboard makers Compaq and Key Tronic make Identicator and Identix complementary.
The purchase price was $42.7 million in Identix stock plus $2 million of assumed liabilities and $700,000 of other acquisition costs.
Identix said an associated restructuring would result in a $150,000 charge against earnings for severance pay in the current quarter. It will also take a charge of $1 million for inventories and intangible costs relating to the phasing out of overlapping product lines, but it said expense reductions should amount to $2 million a year.
Management changes included the elevation of Identix chief financial officer James Scullion to president. He remains CFO and reports to chairman and chief executive officer Randall C. Fowler.