Outcome Capital Securities, LLC (“Outcome Capital”) announced the completed sale of SpecTal, LLC (“SpecTal”) to L-1 Identity Solutions, Inc. (NASDAQ: ID) for $110 million. Outcome Capital acted as financial advisor to SpecTal. Under the terms of the sale, L-1 Identity Solutions paid SpecTal shareholders $100 million in cash plus the opportunity for SpecTal shareholders to earn up to an additional $10 million in consideration if key performance thresholds are reached.
Ann Holcomb, SpecTal’s President, remarked, “Outcome Capital exceeded our expectations to add significant value to our transaction due to its strong knowledge of our kind of company, its attention to detail, its understanding of the market and its perseverance to get the transaction closed. Joining the L-1 portfolio of companies is a great opportunity not only for SpecTal and its employees but for the industry as a whole. Our specialized area of expertise is the perfect complement to L-1′s current portfolio of solution oriented products and services and will serve to further strengthen the company’s already impressive offerings.”
Robert V. LaPenta, Chairman, President and CEO of L-1 Identity Solutions added, “SpecTal will enhance our relationships within the intelligence community and provide additional opportunities for us to develop and sell products to an expanded customer base. The caliber of people at SpecTal is second to none in the industry; their experience coupled with their strong relationships in the intelligence community will be a critical asset in the development and deployment of identity solutions.”
According to John A. Cross, SpecTal co-founder, “We believe that L-1 is the right company to acquire SpecTal as it will give the company access to additional markets and provide great opportunities for our leadership team and the entire organization.”
About SpecTal, LLC
SpecTal provides comprehensive security and intelligence solutions, specializing in government consulting, training, and technology development to the United States Intelligence Community. The company offers a broad range of expertise, including government consulting, counterintelligence, counterterrorism and threat vulnerability assessment. Featured in the May issue of Virginia Business Magazine , SpecTal was at the top of the annual list of Virginia ‘s 50 fastest-growing companies due to its rapid revenue and profit growth since its 1999 founding. (www.spectal.com)
About L-1 Identity Solutions, Inc.
L-1 Identity Solutions, Inc. (NASDAQ: ID), formed in 2006 from the merger of Viisage Technology, Inc., and Identix Incorporated, offers a comprehensive set of products and solutions for protecting and securing personal identities and assets. Leveraging the industry’s most advanced multi-modal biometric platform for finger, face and iris recognition, L-1′s solutions provide a circle of trust around all aspects of an identity and the credentials assigned to it — including proofing, enrollment, issuance and usage. With the trust and confidence in individual identities provided by L-1 Identity Solutions, government entities, law enforcement and border management agencies, and commercial enterprises can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions is headquartered in Stamford , CT.