TYSONS CORNER, Va., June 2, 2021 /PRNewswire/ -- Pangiam, a technology-based security and travel services provider, announced today that it has acquired Trueface, a U.S.-based leader in computer vision focused on facial recognition, weapon detection and age verification technologies. Terms of the transaction were not disclosed.
This is the second 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. In March, Pangiam acquired veriScan, an integrated biometric facial recognition system for airports and airlines, from the Metropolitan Washington Airports Authority.
Trueface, founded in 2013 by Shaun Moore and Nezare Chafni, provides industry leading computer vision solutions to customers in a wide range of industries. The company's facial recognition technology recently achieved a top three ranking among western vendors in the National Institute of Standards and Technology (NIST) 1:N Face Recognition Vendor Test.
Trueface applies its patent-protected solutions to solve issues such as frictionless access control, contactless elevated temperature checks, social distancing and PPE compliance monitoring. The company has a robust sales pipeline and has entrenched positions with clients in over 13 countries.
The acquisition of Trueface will aid Pangiam in achieving its mission to provide a safer, faster, and more personalized travel experience for all. Trueface will add an additional capability to Pangiam's existing technologies, creating a comprehensive and seamless solution to satisfy the needs of both federal and commercial enterprises. Messrs. Moore and Chafni will serve in key leadership positions within Pangiam and continue to lead the growth of Trueface.
"We are excited to welcome Trueface to the Pangiam family. Shaun and Nezare are pioneering thought leaders whose advances in computer vision have the potential to drive innovation in identity management, data labeling and biometrics," said Pangiam CEO Kevin McAleenan.
"We are thrilled to join the talented team at Pangiam who share our core values to provide equitable benefit to all through computer vision technology. The complimentary technologies that Pangiam has assembled will enable the Trueface team to execute more quickly and fully realize the opportunity of its technologies like facial recognition," said Mr. Moore, CEO of Trueface.
"Adding Trueface's technology solutions to Pangiam's offerings comes at a perfect time, as travel is poised to continue to rebound and passengers want reassurances that the highest health and safety protocols are being followed," said Kirk Konert, a Partner at AEI. "AEI is pleased to back Pangiam's second acquisition this year as we continue to support the company's momentum."
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.
Trueface is a computer vision company that transforms video and imagery into intelligent, actionable data, empowering users to enhance their operating capacity and reduce risks associated with identity. Industries deploying their advanced facial recognition technology in a responsible way include retail, hospitality, healthcare, gaming and financial services. For more information on Trueface, please visit trueface.ai.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Space, 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.
SOURCE Pangiam; AE Industrial Partners