Authentix Buys Meta Materials’ Authentication Business

Texas-based security solutions provider Authentix has announced the completion of an asset purchase agreement for Nanotech Security Corporation (NCS), the security subsidiary of Meta Materials, which offers solutions for banknote authentication and brand protection. The purchase price for the assets is understood to be in the region of $10 million.

Meta Materials was a developer of high performance functional materials and nanocomposites. It was founded in 2011 as an ‘early growth stage platform company’, merging with an oil and gas exploration company in 2021 and listing on NASDAQ. It acquired NCS in 2021 for C$90 million.

Its other businesses include electro- optics and battery materials and in 2022, the latest year for which it has published figures, it had revenues of $10 million in 2022 ($6 million of which came from NCS) and a net loss of $80 million, The company first flagged concerns about its future viability last year, and in May laid off 80% of its workforce, with the statement that it was looking for buyers.