- Assa Abloy (OTCPK:ASAZY) has agreed to acquire São Paulo, Brazil-based Control iD.
- Financial terms of the deal were not disclosed. The acquisition will be accretive to EPS from the start.
- Established in 2006, Control iD develops hardware and software solutions for access control and time & attendance. It employs around 300 people and had sales of BRL 130M in 2021 with a good EBIT margin.
- Lucas Boselli, Executive Vice President of Assa Abloy and Head of the Americas Division, stated, "Control iD's focus on innovative biometric technologies, especially facial recognition, fills several gaps in our existing portfolio and I'm excited for them to become part of Assa Abloy. This acquisition provides a great opportunity for us to further develop our commercial and residential access control solutions and services to many different markets and applications in Brazil."
- The transaction is expected to close during the fourth quarter of 2022.