NXT-ID’s (NXTD) Acquisition of LogicMark Making Travel Safer Each Day
NXT-ID (NXTD) finished its acquisition of LogicMark, a provider of personal emergency response system (PERS). The acquisition of Logicmark comes at the price of $20,000,000 and $900,000 of stock and warrants. NXTD is up around 6% on the news of the acquisition. LogicMark had revenues of $11.1 million in 2015 and the deal could have future implications beyond just sales. The two companies are looking to integrate technology.
Why does NXTD want to integrate technology? The company has an alliance with World Ventures to create a smart card that would seamlessly function along with the DreamTrips app. The new smart card would replace all of the items in a user’s wallet storing hundreds of cards and reward membership identification information, improve identity protection as customers go abroad, and allow for DreamTrips members to communicate socially. World Ventures co-founder has high hopes for the card, in a prior press release he said, “In this high-tech, hyper-connected world, we are enabling people to use technology in a more powerful and compelling way. And our Independent Representatives will be able to bring this exciting new innovation to travelers all over the world, making their experiences richer, safer, and more engaging and rewarding.”
NXT-ID has a strong reputation for security technologies and World Ventures is looking to make travels safer in perilous times. Identity theft is rising around the world and NXTD has solutions that are appealing to travel brokers that allow customers to feel more secure. The smart cards will be rolling out soon according to previous company press releases.
Founded in 2006, LogicMark has revolutionized the personal emergency response system (PERS) industry by incorporating patented two-way voice communication technology directly in the medical alert pendant. With a focus on innovation, LogicMark provides a unique offering of medical alert systems that contribute to improving the quality of life for those choosing to continue to live independently.
About NXT- ID Inc.
NXT-ID is an emerging growth technology company that is focused on products, solutions, and services for security on mobile devices. Our core technologies consist of those that support digital payments, biometric identification, encryption, sensors, and miniaturization. We have three distinct lines of business that we are currently pursuing: mobile commerce, primarily through the application of secure digital payment technologies; biometric access control applications, and Department of Defense contracting. Our initial efforts have primarily focused on the development of our secure products for the growing m-commerce market.