Dominic Chopping

STOCKHOLM — Swedish lock maker Assa Abloy AB announced Monday that it has agreed to acquire Control iD, a developer of hardware and software solutions for access control and attendance management in Brazil.
Control iD was founded in 2006 and has approximately 300 employees. We are headquartered in Sao Paulo.
Sales in 2021 will reach about 130 million Brazilian reals ($25.1 million), and the acquisition will increase EPS from the start, the company said.
“Control iD’s focus on innovative biometric technology, particularly facial recognition, fills several gaps in our existing portfolio,” said Lucas, executive vice president and head of Americas at Assa Abloy. Boselli said.
“This acquisition provides us with an excellent opportunity to further develop our commercial and residential access control solutions and services for various markets and applications in Brazil.”
The acquisition is subject to regulatory approvals and is expected to close in the fourth quarter of 2022.
Financial details were not disclosed.
 
Write to Dominic Chopping at Dominic.chopping@wsj.com.