NXT-ID Inc., a mobile-device oriented services firm based in Melbourne, Florida, recently announced its full acquisition of LogicMark LLC of Fairfax, Virginia, a personal emergency response system (PERS) provider fulfilling the needs of a maturing population.
"This accretive acquisition fits into our strategy of utilizing our core competencies to create diverse new opportunities for the company," NXT-ID’s CEO and co-founder Gino Pereira said.
NXT-ID intends to blend its own voice biometric technology and sensor systems with potential enhanced versions of LogicMark products as well as upgrade its retail presence on the market.
"We are utilizing additional resources and consultants to assist with LogicMark integration and management as well as retaining key LogicMark staff,” Pereira said. “We remain very focused on delivering the new WorldVentures DreamTrips smart cards which are currently in pre-production and will be ready for field testing in the coming weeks. We expect to make our first production deliveries to WorldVentures in July 2016."
The $20 million transaction is expected to close by June 30 as per customary closing conditions.
"We are excited to become a part of NXT-ID Inc. and leverage their technology and channel partnerships to expand our product portfolio and markets," LogicMark President Kevin O'Connor said.
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