SCHIPHOL OOST, Netherlands, Nov. 8, 2019 /PRNewswire/ -- ICTS International N.V. ("ICTS") (OTC: ICTSF) announced today that venture growth-equity fund Oak HC/FT has made a USD $20 million investment in preferred shares of ICTS' subsidiary ABC Technologies B.V. ("ABC"), the holding company for AU10TIX Limited ("AU10TIX").
AU10TIX is a global cloud-based, machine learning, image processing company. AU10TIX's portfolio of services includes: forensic level ID authentication, identity verification, screening, and advanced biometrics. Over the last decade AU10TIX has become the preferred solution for customer onboarding and KYC ("know your customer") automation across a diverse set of industry sectors: such as banking, payments, transportation, travel, and gaming.
The investment from Oak HC/FT follows a USD $60 million investment made by TPG in July of this year, further demonstrating confidence in AU10TIX's management, business model, and future strategic trajectory.
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. The company also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security, while accelerating the security check process. For more information, visit www.ictsintl.com
AU10TIX Limited, a subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company's products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient. For more information, visit www.au10tix.com
About Oak HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.9 billion in assets under management, Oak HC/FT is focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to its extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the ICTS' business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by ICTS, may cause ICTS' actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and ICTS expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in ICTS' expectations or future events.
ICTS International N.V.
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SOURCE ICTS International N.V.