ASSA ABLOY has signed an agreement to acquire 3millID Corporation and Third Millennium Systems Ltd., companies within readers and credentials for physical access control based in the US and UK.
"I am very pleased to welcome 3millID and Third Millennium into the ASSA ABLOY Group, exciting technological additions that will reinforce our current offering within physical access control and provide complementary growth opportunities," says Nico Delvaux, President and CEO of ASSA ABLOY.
"Welcoming 3millID and Third Millennium into the HID family demonstrates our continued investment in core physical access control technologies. These acquisitions bring new opportunities to increase customer choice and relevance within our portfolio and will enhance our presence outside of the United States," says Björn Lidefelt, EVP and Head of HID.
Founded in 2015 and headquartered in Highlands Ranch, Colorado, 3millID is a solutions provider of proprietary access control readers and technology-enabled products to enterprise end customers in North America. Third Millennium, founded in 1996 and based in Wales, UK, is a provider of access control solutions and software to enterprise and government end customers in the UK and Europe, with robust in-house technology expertise.
Since 2015, the two companies have had a commercial partnership, encompassing technology development and sales. The two companies have a total of some 40 employees and will be part of HID´s Physical Access Control Solutions Business Area.
Sales for 2023 amounted to about MUSD 21 (approx. MSEK 220) with a strong EBIT margin. The acquisition will be accretive to EPS from the start.
The acquisition is subject to customary closing conditions and is expected to close during the first quarter of 2025.
