Meta Materials Sells Authentication Business to Authentix

Texas-based security solutions provider Authentix has acquired the authentication business assets of Meta Materials – namely, Nanotech Security Corporation (NSC) – for $10 million, excluding certain assets such as cash and real estate.

Meta Materials – a developer of high performance functional materials and nanocomposites – acquired NSC in 2021 for C$90 million. Its other businesses include electro-optics and battery materials and it had revenues of $10 million in 2022 ($6 million of which came from NSC) and a net loss of $80 million (it has not published its figures for 2023). 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.

NSC has pioneered OVD (optically variable device) technology for the past decade with innovations in micro-, nano-, and plasmonic structures. The company has also developed in-house secure foil production to offer products directly to customers. It is active in the banknote sector in particular, but also has customers in brand protection markets.