PROVIDENCE – Spectra Systems Corp., a Providence-based provider of machine-readable banknote authentication technology and transaction security software, has entered into an asset purchase agreement with Inksure Technologies Inc. to acquire Inksure’s brand-protection and tax-stamp-authentication assets.
Inksure – headquartered in New York with an R&D center in Israel – develops customized authentication solutions designed to protect documents against counterfeiting. Inksure’s technology is applied to consumer items and high-value documents using a proprietary verification system that is available on most smart phones, Spectra Systems said.
The transaction, subject to approval by Inksure stockholders and the Israeli Office of the Chief Scientist, is expected to close in December.
“The expansion of Spectra’s business beyond physical banknotes and secure software-based transactions into consumer goods and particularly tax stamps, will allow us to utilize our blue-chip credentials with central banks and the gaming community to gain market share throughout these segments of the authentication industry,” said Nabil Lawandy, CEO of Spectra Systems, in an Oct. 21 release announcing the agreement. “With governments seeking to raise more revenues, we believe that the integrity of tax stamps will increase in importance and continue to support a strong case for the use of the field deployable authentication technology developed by Inksure.”