3M Co, the $23-billion turnover company that is known for making Post-it sticker pads, yesterday enterd into a deal to acquire Cogent Inc, a manufacturer of fingerprint-identification systems, in a deal valued at $943 million.

3M, based in St. Paul, Minnesota, is offering $10.50 a share, a premium of 18 per cent to Cogent's closing price on 27 August. The proposed transaction has a value of approximately $943 million, or approximately $430 million net of cash acquired.

Cogent founder and CEO Ming Hsieh, who hold nearly 38 per cent stake in the company, has agreed to tender his stake, and is expected to remain an "integral part" of the company.

California-based Cogent is a global biometric identification solutions provider to governments, law enforcement agencies, and commercial enterprises. Cogent provides identification systems, products and services with leading technology, accuracy and speed.

Cogent's Automated Fingerprint / Palmprint Identification Systems, or AFIS, enable customers to capture fingerprint and palm print images electronically, encode prints into searchable files, and accurately compare a set of fingerprints / palm prints to a database containing potentially millions of prints in seconds.

With 2009 revenues of approximately $130 million, the company has operations in Ohio and Virginia, as well as in Austria, Canada, China, and the UK, and employs about 500 people.

3M produces thousands of innovative products that include Post-it notes, Scotch tapes and adhesives stick, Scotch-Brite cleaning products, Scotchgard protective products to protect fabrics and surfaces as well as Vikuiti optical films that make LCD screens brighter and more energy efficient.

3M's identification and authentication products include document manufacturing and issuance systems for IDs, passports, and visas and security materials, such as laminates, to protect against counterfeiting and tampering

3M's core strength is applying its more than 40 distinct technology platforms - often in combination - to a wide array of customer needs.

With $23 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 65 countries.

With the Cogent acquisition, 3M is trying to tap into the $4 billion global biometric market, which is projected to grow at a rate greater than 20 per cent per year.

"Cogent Systems has done a tremendous job establishing a strong presence in the biometric industry," said Mike Delkoski, vice president and general manager, 3M Security Systems Division.

"Adding Cogent Systems' products to our business strengthens our product portfolio and services in high security credential issuance and authentication systems and positions 3M's business in law enforcement applications. It also expands our reach into access control and other commercial ID and authentication applications," he added.

"3M can accelerate our growth and extend our reach in global border control markets, law enforcement and commercial applications," said Hsieh. "Together, we'll deliver a broader range of identification and authentication solutions to the security industry and to our customers."