SuperCom Ltd. (Nasdaq: SPCB), an Israeli provider of identification and security products, has completed the purchase of its rival, Smart ID.
Terms of the deal remain undisclosed. The acquisition includes all of the target’s client contracts, software, patents and other intellectual property assets.
Smart ID, which was being shopped by On Track Innovations Ltd. (Nasdaq: OTIV), is a provider of security software and services to government customers, as well as private clients.
On Dec. 20, Herzliya-based SuperCom announced that it completed the due diligence process. Smart ID’s technology should bring new electronic identification capabilities to SuperCom, namely within the government sector, according to a statement from SuperCom chief executive Arie Trabelsi. Revenue of more than $500 million is expected to be generated over the course of five years.
SuperCom was acquired in 2010 by SigmaWave, a family owned private-equity fund based in Israel., which acquired control of around 45 percent of the outstanding shares.