The Hindu Business Line : Bartronics’ US arm buys Proximities, SRG for $50 m

Hyderabad, Jan. 29 Bartronics America Inc (BAI), a Delaware-based wholly-owned subsidiary of Bartronics India Ltd, on Tuesday announced acquisition of assets of US-based Proximities Inc and Software Research Group (SRG) America Inc for a deal pegged at $50 million.

These acquisitions will help Bartronics develop and deploy radio frequency identification (RFID)-based applications to streamline traditional RFID-based services such as access control, age verification, identity management, and other new and expanded RFID applications for its clients.

Mr Ronald R. Carney, former CEO of Proximities, Inc, will now function as CEO, BAI, in charge of the RFID division. “The applications for this technology are endless,” said Mr Sudhir Rao,

The Managing Director of Bartronics India Ltd, Mr Sudhir Rao, in a statement said “combining our flexible, efficient, and deep service offerings with Proximities’ technology will allow our clients to reduce the friction points associated with RFID-based transactions and improve customer service.”

Proximities, Inc. is a privately-held company headquartered in Melbourne, FL. The company develops and markets secure RFID cashless payment, access control and age verification solutions.

In January 2008, BIL raised $50 million through an FCCB issue to fund the acquisitions and its overseas ventures.

More Stories on : Overseas Investments | Mergers & Acquisitions | Software

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