DECEMBER 17--Viisage Technology Inc. (Littleton, MA; www.viisage.com) has completed an $18.5 million private placement of common stock with several large institutional investors. Viisage sold approximately 1.9 million shares at $10.50 per share, representing a 5% discount to market from the $11.01 closing price on Friday, Dec. 14. The investors also received warrants to purchase 265,000 shares of common stock at 115% of the purchase price.
Tom Colatosti, Viisage president and CEO, said, "We were able to complete this entire transaction from engagement to closing in less than 48 hours on terms that are unparalleled in our industry. We believe this financing is a powerful demonstration of the investment community's confidence in Viisage's ability to extend its biometric market leadership."
Originally developed at the Massachusetts Institute of Technology (Cambridge, MA), Viisage's patented, accurate, nonintrusive, and cost-effective face-recognition technology is widely acknowledged for its speed in real-time applications, scalability for managing large image databases, and systems integration for complete customer solutions.