Aether Systems has agreed to sell its mobile government division to Minnesota-based BIO-key International for US$10M in cash. The deal, which BIO-key said it will finance with existing cash and new debt, bring Aether’s mobile government annual revenue of $19M plus $4.5M in working capital. BIO-key will also assume over $10M in performance guarantees to customers.
BIO-Key, which makes fingerprint identification hardware and software, also develops and markets a police application which runs on wireless handheld devices.
Aether sold its fleet management business to Platinum Equity last month for $25M in cash and sold its BlackBerry reseller business to TCS last year. When all the deals close, likely later this year, Aether will invest in mortgage securities.
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