Consumer electronics company VOXX International has announced that it will purchase the assets, inclusive of all intellectual property, of iris authentication firm EyeLock through an acquiring entity.In a statement, VOXX said the deal will mean it plays a larger role in the distribution and sale of EyeLock's suite of products, with an increased focus on enterprise and access control business lines.”There is no question that people will all be authenticated using biometrics in the near future,” said Pat Lavelle, President and CEO of VOXX. “Market growth has been staggering and is expected to increase to over $20 billion within the next five years, according to various industry reports. Cyber security threats and continued attacks are costing corporations billions of dollars.Moreover, with more sharing of information between networks and portable devices, there is a pressing need for more secure authentication. The Internet of Things has become a driving force in new identity and access management, with biometrics emerging as a primary industry solution. Additionally, there are billions of dollars spent in securing infrastructures and perimeters with biometrics. EyeLock is well positioned to benefit from these positive market conditions.”VOXX has a strong reputation and deep relationships that will prove invaluable in helping EyeLock catapult to the next level,” said Jim Demitrieus, CEO of EyeLock. “The transaction provides EyeLock with the leverage and stability we need to accelerate and continue providing market leading solutions to the IoT and access control sectors. We look forward to working closely with VOXX to expand our global reach and licensee and partnership base.”In June, EyeLock announced that it will begin sales of its nanoNXT access control solution. The nanoNXT uses EyeLock technology to convert the unique characteristics of each iris into a complex encrypted code that maximizes security and minimizes breach potential, said the firm in a statement.
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