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On Track Acquires SuperCom Assets

On Track Innovations in Fort Lee, a provider of contactless smart-card software and hardware, says it will acquire theOn Track Innovations (Nasdaq: OTIV) in Fort Lee, a provider of contactless smart-card software and hardware, says it will acquire the main assets of SuperCom (OTC Bulletin Board: SPCBF.OB), including its International Project Solution (IPS) division, for 2,827,200 ordinary shares of OTI. The transaction is expected to close by year-end. IPS, which accounts for approximately 95% of SuperCom”s current revenue, will be integrated with the existing electronic Smart ID operations of OTI. Oded Bashan, CEO of OTI says the acquisition will expand the company’s dealings in electronic ID solutions and add new opportunities to its existing pipeline of projects. Supercom’s U.S. headquarters is in McLean, Va. Shares OTIV rose 2 cents to $7.28 this morning.

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