Pangiam, a technology-based security and travel services provider, announced that it has acquired veriScan, an integrated biometric facial recognition system for airports and airlines, from the Metropolitan Washington 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.
VeriScan through its state-of-the art technology, is truly revolutionizing the safety and ease of air travel. veriScan's cost effective, easy to implement cloud application makes it accessible to all airports and airlines, and Pangiam expects to see increased adoption of this technology through the year as travel resumes globally. VeriScan was envisioned and developed to meet new federal security screening requirements while improving and streamlining the passenger experience. The technology is expected to shape the future of seamless, secure travel under the direction of Pangiam as the industry gears up to meet pent-up travel demand.