VOXX International subsidiary EyeLock LLC, which provides iris biometrics for identity verification, has announced its merger with GalvanEyes Partners LLC to form a new company, BioCenturion LLC. The joint venture agreement will see the companies combine their technology, R&D, sales, marketing, and business development units with an eye to new avenues for growth. GalvanEyes was already the exclusive distributor of EyeLock products in the EU, Switzerland, Puerto Rico, Malaysia, and Singapore. The new joint venture is split 50/50, with GalvanEyes as the managing member responsible for all working capital needs and day-to-day operations over the first two years. EyeLock will have veto over key issues, including amendments to the operating and financing arrangements, acquisitions, or a potential sale. Following the two-year period, the companies intend to take stock and evaluate their next iteration. The merger has also resulted in some people shuffling.
VOXX International subsidiary EyeLock LLC, which provides iris biometrics for identity verification, has announced its merger with GalvanEyes Partners LLC to form a new company, BioCenturion LLC. The joint venture agreement will see the companies combine their technology, R&D, sales, marketing, and business development units with an eye to new avenues for growth. GalvanEyes was already the exclusive distributor of EyeLock products in the EU, Switzerland, Puerto Rico, Malaysia, and Singapore. The new joint venture is split 50/50, with GalvanEyes as the managing member responsible for all working capital needs and day-to-day operations over the first two years. EyeLock will have veto over key issues, including amendments to the operating and financing arrangements, acquisitions, or a potential sale. Following the two-year period, the companies intend to take stock and evaluate their next iteration. The merger has also resulted in some people shuffling.