GCC-based specialist buyout firm GrowthGate has reached a final agreement to purchase 30% of iris recognition company IrisGuard.
IrisGuard offers iris recognition technology to national security organisations, law enforcement agencies, polling, electoral processors, and banking institutions around the world. It manufactures the IrisGuard IG-H100 and IG-AD100, as well as a portfolio of four additional iris imagers under development. IrisGuard says it launched the world’s first, most searched, and largest iris recognition solution for Homeland Security in the UAE in 2001. The UAE currently deploys more than 250 iris imagers in every land, sea and air Ports-of-Entry in the country.
In 2010, the company entered the US market with the provision of iris recognition-enabled systems and cameras to 50 US law enforcement agencies across the country. This was in addition to its delivery of its technology to US system integrators, banks and financial institutions.
The company says it expects to generate revenues in excess of US$10 million and to realize an EBITDA in excess of 30% in 2010.
This deal marks the sixth direct equity investment by GrowthGate since its capitalisation in mid 2007, and the first in the technology sector.