The OSE-listed company Hiddn Solutions ASA (Hiddn), operating in the market for secure encrypted storage, has announced that they will join forces with Tactilis Pte. Limited (Tactilis), a company working with authentication and identity management services.
Tactilis has developed a unique technology finally allowing secure and convenient implementations of biometric authentication in world-wide populations. Their card format, the 4 GB storage capacity in combination with their card reader/carrier enables replacement of pin-codes and passwords which today typically represents the weakest link in high-end security systems.
"We are pleased to announce this ambition to join forces with Tactilis to create a fast-growing industry leader within biometric authentication, encryption and smartcards. The Tactilis biometric multifunction card business is a perfect platform for scaling our joint operations across the globe. We are highly impressed by the Tactilis team, technology and growth opportunities and we look forward to the further process of developing our significant value creation opportunities, " says Carl Espen Wollebekk, CEO of Hiddn.
The business combination is expected to take place as an acquisition of all shares of Tactilis for a consideration of new shares in Hiddn to the sellers, following a non-binding letter of intent for the potential acquisition. Following a potential transaction, the Tactilis shareholders will hold 86.25% of Hiddn, with the current Hiddn shareholders owning 13.75% of the company on a fully diluted basis. The completion of the proposed acquisition is subject to, among other things, final transaction agreements being entered into, approval by the shareholders of Tactilis, approval by the Hiddn shareholders at an extraordinary general meeting and the continued listing of Hiddn on the Oslo Stock Exchange. Subject to the completion conditions being fulfilled, the acquisition is expected to close during the first quarter of 2019.
Aabø-Evensen & Co Advokatfirma have acted as legal advisors to Hiddn Solutions in connection with the transaction.
For further information about the transaction, please click here