Access Control
& Security Systems

Identix Inc., Los Gatos, Calif., has announced it will buy fellow biometric security technology firm Visionics Corp., Jersey City, N.J. in an all-stock deal valued at approximately $600 million.

The companies have indicated that chairman and CEO of Identix, Robert McCashin, will serve as chairman of the new company. Dr. Joseph Atick, president and CEO of Visionics, will become the new company's chief executive.

The new name of the company will be selected at a later date, although the companies have already said the new company will have headquarters on both the east and west coasts.

Under terms of the deal, Visionics shareholders will receive 1.3436 newly issued shares of Identix common stock for each share of Visionics common stock. The merger is scheduled to be completed by June 30.

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