VOXX International Announces Joint Venture Between EyeLock And GalvanEyes Partners To form BioCenturion, LLC
Portfolio Pulse from Benzinga Newsdesk
VOXX International Corporation (NASDAQ:VOXX) announced a joint venture between its subsidiary EyeLock LLC and GalvanEyes Partners LLC to form BioCenturion, LLC. This new entity aims to consolidate technology, R&D, sales, marketing, and business development. GalvanEyes will manage the venture, with EyeLock retaining significant rights and responsibilities. The venture is expected to streamline operations and open growth avenues, with VOXX anticipating savings and a focus on profitable biometrics business. Beat Kahli steps down as VOXX's President but remains involved as co-Vice Chairman and CEO of BioCenturion.
March 07, 2024 | 1:36 pm
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VOXX International's joint venture to form BioCenturion with GalvanEyes is expected to streamline operations and focus on profitable biometrics, potentially leading to savings and value creation for shareholders.
The formation of BioCenturion is likely to have a positive short-term impact on VOXX's stock price due to the potential for operational efficiencies, cost savings, and a focused growth strategy in the biometrics sector. The restructuring and strategic focus on a more profitable segment could be viewed favorably by investors.
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