Browne Jacobson advises on sale of Biosite to ASSA ABLOY Group

Browne Jacobson has advised the shareholders of Midlands based biometric fingerprint technology solutions provider Biosite on the sale of the business to the ASSA ABLOY Group for an undisclosed consideration.

The Browne Jacobson team was led by Birmingham based corporate finance partner Mike Jackson, assisted by associates Kirsty Underhill and Francesca Clowes-Fellows.

Headquartered in Solihull, Biosite was founded in 2010 specialising in site access management tools for the construction industry. Its unique fingerprint algorithm even works with low grade fingerprints often found in the construction industry. Biosite technology is currently deployed on more than 650 projects worldwide, including HS2 and the underground link between Paddington Station’s Crossrail and Bakerloo Line platforms.

Stockholm based ASSA ABLOY was founded in 1994 and is a global leader in intelligent lock and security access solutions, employing over 48,000 people in over 70 countries. The company is rated as one of the top 100 most innovative firms in the world by American business magazine Forbes.

Biosite Systems' managing director Li Wang said: "With a shared vision to improve construction productivity through digitisation, a partnership with ASSA ABLOY made perfect sense.It has the means and reach to enable us to achieve our ambitious growth plans while giving us autonomy to develop the innovative technology-enabled solutions we are known for."

Nico Delvaux, President and CEO of ASSA ABLOY, added: "I am very pleased to welcome Biosite and their employees into the ASSA ABLOY Group. Biosite is a strategic technological addition to the ASSA ABLOY Group. The company will reinforce our current offering within solutions for access control and will provide complementary growth opportunities.”

Mike Jackson said: “We are delighted to have secured a successful outcome for the shareholders. This is strong fit for both businesses and heralds an exciting future for Biosite and the opportunity to continue to thrive under the ASSA ABLOY banner.”