Pangiam, a technology-based security and travel services provider, announced today that it has acquired veriScan, an integrated biometric facial recognition system for airports and airlines, from the Metropolitan Washington Airports Authority ("Airports Authority"). Terms of the transaction were not disclosed.
This is the first acquisition completed by Pangiam since being formed by AE Industrial Partners, LP ("AEI") through the combination of Linkware, LLC and PRE, LLC in October 2020. AEI is a private equity firm specializing in Aerospace, Defense, Space & Government Services, Power Generation, and Specialty Industrial markets.
veriScan's traveler verification solution, used by more than 40 airlines, is an integrated biometric facial recognition system that delivers a fast, secure, seamless boarding experience for airports and airlines. veriScan biometrically verifies the identity of travelers, allowing their faces to serve as both their passport and, for many airlines, their boarding pass. Meeting the U.S. Customs and Border Protection compliance requirements for biometric exit, veriScan's best-in-class technology delivers a cost effective, turnkey cloud application that can be quickly scaled for airports and airlines of any size. Since its debut in 2018, it has processed more than 1.3 million passengers with 99-percent accuracy.
"Pangiam is excited to acquire veriScan, which, through its state-of-the art technology, is truly revolutionizing the safety and ease of air travel today," said Pangiam CEO Kevin McAleenan. "veriScan's cost effective, easy to implement cloud application makes it accessible to all airports and airlines, and we expect to see increased adoption of this technology this year as travel resumes globally. Pangiam looks forward to working with our clients to help speed adoption of solutions that deliver premier travel experiences for all."
"veriScan was envisioned and developed by the Airports Authority's in-house technology team to meet new federal security screening requirements while improving and streamlining the passenger experience," said John E. Potter, President and CEO of the Airports Authority.
Airports Authority Senior Vice President and Chief Information Officer Goutam Kundu, whose team developed the veriScan technology, said, "Our team takes great pride in this milestone. We look forward to seeing veriScan continue to shape the future of seamless, secure travel under the direction of Pangiam."
Kirk Konert, a Partner at AEI, said, "Pangiam set out to reinvent the industry by offering technology that makes travel easier and more efficient, and veriScan is a large step in advancing that goal. We are proud to support Pangiam as it stays vigilant for opportunities to grow its solution offerings as the industry gears up to meet pent-up travel demand."
About Pangiam
Pangiam is a leading provider of customized identity management, biometrics and advanced analytics software and consulting solutions to federal government and commercial customers. As a team of customs and security professionals with decades of collective experience at senior levels of the U.S. Government, Pangiam has an intimate understanding of the security, facilitation, and disaster response challenges facing governments and industry leaders around the world. Pangiam aims to revolutionize the future of operations, security, and safety at airports, seaports, and land border crossings through the use of emerging technologies. To learn more, please visit https://pangiam.com.
About veriScan
veriScan's biometric facial recognition system provides a fast, secure, seamless boarding experience for airports and airlines to meeting biometric exit compliance and one-step boarding. For more information on veriScan, please visit airportveriscan.com.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense, Space & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investing. Learn more at www.aeroequity.com.
About the Metropolitan Washington Airports Authority
The Metropolitan Washington Airports Authority operates the U.S. Capital Region's gateways to the nation and the world, Ronald Reagan Washington National Airport and Washington Dulles International Airport, as well as the Dulles Airport Access Highway, the Dulles Toll Road and construction of the Silver Line project, a 23-mile extension of the National Capital Region's Metrorail public transit system through northern Virginia. For more information, visit https://www.mwaa.com.
