Thursday, December 11, 2008

Hirsch Electronics In Merger

Santa Ana-based Hirsch Electronics Corp., a developer of access card readers and systems, is merging with German firm SCM Microsystems, Inc., the firms said today. According to the companies, the two will merge into a single firm, SCM Microsystems, developing smart-card based logical access readers and other devices. Financial terms of the deal were not disclosed. The firms said that security holders of Hirsch will receive a combination of cash, SCM common stocks, and warrants. Larry Midland, President of Hirsch Electronics, will join the board of directors of SCM Microsystems in the deal, and will join as an executive officer of the merged firm. SCM Microsystems was advised by Avondale Partners LLC and Gibson Dunn & Crutcher LLP in the deal; Hirsch was advised by Imperial Capital LLP and Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP.