3M has completed Cogent acquisition, pursuant to a merger agreement that was approved and adopted by Cogent's stockholders.
Under the terms of the merger agreement, Cogent’s stockholders are entitled to receive $10.50 per share in cash.
With the closing of the transaction, Cogent’s common stock ceased to trade on NASDAQ at market close, and Cogent became a wholly-owned subsidiary of 3M, which is known as 3M Cogent Inc.
3M said the identification and authentication solutions from the company include border management products; document manufacturing and issuance systems for IDs, passports, and visas; document readers and verification products; and security materials, such as laminates, to protect against counterfeiting and tampering.
3M Security Systems Division vice president and general manager Mike Delkoski said adding Cogent’s technologies in finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises to their business is a significant strategic addition to security credential issuance and authentication product portfolio and service offering.
"Cogent’s biometric expertise in large-scale systems integration will enhance our ability to provide end-to-end security solutions to our customers. It also expands our reach into law enforcement, public safety and commercial access control applications," Delkoski said.