IQ Biometrix announced that it has tendered a letter of intent for the acquisition of Network Storage Solutions (NSS), a leading developer and supplier of network storage solutions. NSS is based in Chantilly Virginia, just outside of the Washington DC Beltway. The transaction, which is expected to close this quarter, is subject to approval by regulatory agencies, IQ Biometrix shareholders, and other closing conditions. For accounting purposes, the acquisition is intended to be treated as a pooling of interests.
"The acquisition will expand the company's geographic presence and leverage its technology into new markets", comments Bill Scigliano, Chariman and CEO of Biometrix, "This acquisition combines the strength of the Network Storage Solutions brand, the breadth of our product line and our global reach with NSS's technical excellence, distribution capability and time to market."
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