By Dominic Chopping
STOCKHOLM--Swedish lock maker Assa Abloy AB said Monday it has agreed to acquire Control iD, a developer of hardware and software solutions for access control and time and attendance in Brazil.
Control iD was established in 2006 and has around 300 employees. It is headquartered in Sao Paulo.
Sales for 2021 amounted to about 130 million Brazilian real ($25.1 million) and the acquisition will be accretive to EPS from the start, it said.
"Control iD's focus on innovative biometric technologies, especially facial recognition, fills several gaps in our existing portfolio," says Lucas Boselli, executive vice president of Assa Abloy and head of the Americas division.
"This acquisition provides a great opportunity for us to further develop our commercial and residential access control solutions and services to many different markets and applications in Brazil."
The acquisition is subject to regulatory approval and is expected to close during the fourth quarter of 2022.
Financial details weren't disclosed.
Write to Dominic Chopping at dominic.chopping@wsj.com
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