Information technology solutions provider WidePoint Corp. [WYY] on May 9 said it has acquired the identity management system software suite of Probaris Technologies in a small deal that adds biometric capture and identity vetting capture capabilities.
WidePoint, which is based in Northern Virginia, paid $300,000 in cash for the Probaris ID software suite. Terms of the deal include an additional $100,000 performance-based payment and revenue sharing arrangements.
WidePoint also said the deal provides it with new contracts, partners and other related assets.
“The acquisition of this established, industry-leading software enhances our proprietary identity management offerings, expands our customer reach, provides additional revenue opportunities, and brings in house current licensed software,” Jeff Nyweide, WidePoint’s CEO, said in a statement. “The acquisition also provides us the opportunity to support several new federal agency relationships with a new partner that could generate millions of dollars of additional high-margin revenues for the company, while security and enhancing WidePoint’s proprietary identity management credentialing intellectual property.”
The Probaris ID suite is compliant with federal identity management systems standards specified in FIPS 201, PIV and PIV-1 publications. Probaris is based in Philadelphia.