CROSS MATCH TECHNOLOGIES SPINS OUT BIOMETRICS SENSOR BUSINESS
— Creates new company, Sonavation, to revolutionize industry
PALM BEACH GARDENS, Fla. – July 1, 2006 – Sonavation, Inc., today announced that it has been spun off into an independent subsidiary by its parent company, Cross Match Technologies, Inc., a leading provider of biometric identity solutions, also of Palm Beach Gardens. Sonavation will focus on developing a revolutionary technology that will significantly increase the accuracy of biometric sensors for the commercial marketplace at a price point significantly lower than currently available.
“This is an exciting endeavor for us,” said Ted Johnson, chairman and chief executive officer of both Sonavation and Cross Match. Creating an independent subsidiary makes good business sense for both companies: It enables Sonavation to focus solely on revolutionizing the biometrics sensor industry; and it leaves Cross Match unencumbered with the operations of starting up a new business allowing it to continue to prosper and remain the driving force within the government-applications biometrics market.”
A key player in the industry since its inception in the 1996, Cross Match Technologies is the premier provider of government and law enforcement agency biometrics applications in the world, providing instant credibility and recognition to Sonavation as the biometrics industry’s newest entrant.
Sonavation enters the burgeoning biometrics market, which last year garnered approximately $230 million in revenue and is slated to have a compound annual growth rate (CAGR) of 61.3 percent with revenue of nearly $4 billion by 2,011, according to leading market-research firm, Frost & Sullivan, of Palo Alto, Calif.
The unique name of the company, Sonavation, was derived from the concept of combining its revolutionary ultrasound, or sonar like, technology with innovation in its application, explained company President and Chief Operating Officer Steve Mansfield, former vice president of business development at Cross Match, who moved to Sonavation with a contingent of hardware and software engineers. “We have a unique technology that is capable of achieving far greater accuracy than is currently available through existing swipe sensors based on competing technologies.” he said. “Our immediate goal is to draw together a highly talented executive team who will bring the product to market.”
Sonavation, Inc., headquartered in Palm Beach Gardens, Fla., is dedicated to bringing to market the most accurate fingerprint sensors in the biometrics field at a price point that will totally revolutionize the industry.