L-1 to buy Bioscrypt
News just came over the wire that L-1 has entered into a definitive agreement to buy Bioscrypt, recently named the biometric market leader by an IMS study. In a stock-for-stock deal, L-1 will pay about $44 million Canadian, which isn't bad considering the 3Q results you can find here for Bioscrypt. Basically, the company will do about $20-$22 million in 2008, but lost $10 million in the three quarters ending Sept. 30, 2007. This statment from L-1's version of the release thus seems a little optimistic: It is expected to be Adjusted EBITDA accretive in 2009. The cost-savings measures L-1 has planned must be something special, especially considering Bioscrypt will operate as a wholly-owned subsidiary and keeps its current locations. I'll have more on the newswire Thursday.