Things change. Pangiam, a company that didn’t even exist a few years ago, and that started off by acquiring a one-off project from a local government agency, is now itself a friendly acquisition target (pending stockholder and regulatory approvals).
From MWAA to Pangiam
Back when I worked for IDEMIA and helped to market its border control solutions, one of our competitors for airport business was an airport itself—specifically, the Metropolitan Washington Airports Authority. Rather than buying a biometric exit solution from someone else, the MWAA developed its own, called veriScan.
After I left IDEMIA, the MWAA decided that it didn’t want to be in the software business any more, and sold veriScan to a new company, Pangiam. I posted about this decision and the new company in this blog.
ALEXANDRIA, Va., March 19, 2021 /PRNewswire/ — 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.
From PR Newswire.
But Pangiam was just getting started.
Trueface, FRTE, stadiums, and artificial intelligence
A few months later Pangiam acquired Trueface and therefore earned a spot on the NIST FRTE 1:N (formerly FRVT 1:N) rankings and an interest in the stadium/venue identity verification/authentication market.
Meanwhile Pangiam continued to build up its airport business and also improved its core facial recognition technology.
After that I personally concentrated on other markets, and therefore missed the announcements of Pangiam Bridge (introducing artificial intelligence into Pangiam’s border crossing offering) and Project DARTMOUTH (devoted to using artificial intelligence and pattern analysis to airline baggage, cargo, and shipments).
So what will Pangiam work on next? Where will it expand? What will it acquire?
Nothing.
Enter BigBear.ai
Pangiam itself is now an acquisition target.
COLUMBIA, MD.— November 6, 2023 — BigBear.ai (NYSE: BBAI), a leading provider of AI-enabled business intelligence solutions, today announced a definitive merger agreement to acquire Pangiam Intermediate Holdings, LLC (Pangiam), a leader in Vision AI for the global trade, travel, and digital identity industries, for approximately $70 million in an all-stock transaction. The combined company will create one of the industry’s most comprehensive Vision AI portfolios, combining Pangiam’s facial recognition and advanced biometrics with BigBear.ai’s computer vision capabilities, positioning the company as a foundational leader in one of the fastest growing categories for the application of AI. The proposed acquisition is expected to close in the first quarter of 2024, subject to customary closing conditions, including approval by the holders of a majority of BigBear.ai’s outstanding common shares and receipt of regulatory approval.
From bigbear.ai.
Yet another example of how biometrics is now just a minor part of general artificial intelligence efforts. Identify a face or a grenade, it’s all the same.
Anyway, let’s check back in a few months. Because of the technology involved, this proposed acquisition will DEFINITELY merit government review.
Bredemarket 