Last month, Apple Inc. (NASDAQ:AAPL) negotiated a deal with AuthenTec, Inc. (NASDAQ:AUTH) to obtain licensed commercialized 2D technology. They made an agreement to purchase the security technology for $356 million. The deal still needs to be approved by a shareholder.
This isn’t the first time Apple Inc. (NASDAQ:AAPL) has bought up another company to beef up their products. They bought up Siri and utilized their technology exclusively on their Apple iPhone.
Apple Inc. (NASDAQ:AAPL) seems to be in a hurry, as the company just entered a joint development agreement that would allow AuthenTec, Inc. (NASDAQ:AUTH) to do engineering work.
The Securities and Exchange Commission made a filing yesterday, and sent it to AuthenTec shareholders in hopes that a deal will close soon. The report has some interesting and revealing details about the matter.
When the representatives of the companies first met in February, they met to talk about licensing deals. Apple Inc. (NASDAQ:AAPL) didn’t approve of the claims at first. They resumed their talks later in May. Apple Inc. (NASDAQ:AAPL) offered to purchase the company outright and the deal was sealed. It’s speculated that they wanted to acquire the company to utilize the fingerprint sensors technology for iPads and iPhones.
Fingerprint sensor technology could be a boon for businesses and consumers alike. It would enable businesses and government agencies to create more secure technologies. It would also help protect consumers who use Passbook, a digital wallet app that’s set to come with the next iOS.
Modern technology is a good thing, especially when it enhances security. And it’s only a matter of time until Samsung and other tech companies create similar technologies. Even if virtual wallet applications don’t catch on, I can see this technology taking off on it’s own. It would be interesting to see how the fingerprint tech will catch on. It’s a shame that they didn’t think of this sooner, but now’s a better time than ever, especially if they want to promote Passbook.