Telos Acquires Diamond Fortress Technologies' Assets For Undisclosed Terms To Expand Into Touchless Fingerprinting
Telos Corp (NASDAQ: TLS) acquired the assets of Diamond Fortress Technologies (DFT) for undisclosed financial terms.
The acquisition includes all patents and will integrate the ONYX touchless fingerprinting software with Telos' IDTrust360 platform. It adds several new patents to Telos' library of biometric and digital identity intellectual property.
Telos expects this acquisition to solidify its position in an expanding market with contactless biometrics technology.
Telos Chair and CEO John Wood stated the acquisition of the patented touchless fingerprinting technology would help Telos eliminate much of the friction involved in biometrics data gathering for identity and access management.
Telos held $93.8 million in cash and equivalents as of Mar. 31.
Telos reports no change to its 2021 financial guidance as a result of the acquisition. It expected revenue of $283 million - $295 million versus the consensus of $287.8 million, and an Adjusted EBITDA of $33 million - $36 million.
Price action: TLS shares traded higher by 3.43% at $28.98 on the last check Monday.
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