Middle Eastern private equity firm acquired 30% of IrisGuard

GrowthGate, a Middle East private equity firm, acquired 30% of IrisGuard, a world leader in iris recognition technologies (IRT) offering IRT solutions to national security organisations, law enforcement agencies, polling, electoral processors, and banking institutions around the world.

IrisGuard manufactures iris recognition camera systems and it also deploys real-time card-free iris recognition solutions for banks via ATMs. It expects to generate revenues in excess of $10 million and to realize an EBITDA in excess of 30% in 2010.

GrowthGate is listed in the Middle East Investors Directory with the code EM10.

Their full press release follows