Back on the Acquisitions Trail

2024-2025 saw some major mergers and acquisitions activity within the ID and secure document industry, with IDEMIA Group negotiating with IN Groupe for the acquisition of IDEMIA Smart Identity (September 2024), TOPPAN Holdings (via TOPPAN Gravity) agreeing to acquire HID’s Citizen Identity Solutions division from Assa Abloy (October 2024), and Dai Nippon Printing (DNP) signing to acquire a 75% stake in Rubicon SEZC (Laxton group holding company) in June 2025.

At that time, ID & Secure Document News™ wrote that the sector’s consolidation reflected deeper structural changes within the sector (Editorial: A Year of Acquisitions, IDN Jan 2025) and predicted that deal-making would continue but evolve into targeted acquisitions to build capacity and plug operational gaps.