Transaction Highlights

• RA Capital Advisors was engaged to assist Digimarc in evaluating strategic alternatives for the company’s two lines of business that were not being valued properly in the market.
• Under the terms of the transaction, Digimarc shareholders received a total of $310 million in cash for the company’s ID Solutions business, while retaining ownership in the Digital Watermarking business.
• L-1 raised its original bid from the original announcement of $250 million after the company received an unsolicited offer for $300 million from a competing bidder.
• The transaction resulted in an attractive valuation for Digimarc’s shareholders.
  • Significant implied premium versus prior trading level of the stock
  • Continued exposure to digital watermarking in a pure-play public vehicle
• The transaction reinforces RA Capital Advisors’ position as a leading financial advisor.
  • Continued record of achieving attractive valuations for clients
  • Experienced senior professionals involved throughout the transaction

About RA Capital Advisors
RA Capital Advisors is a private investment bank. Our differentiated advisory model is focused on building long-term relationships that create value for our clients. Artful positioning of companies and deal structuring are core competencies that have led to the execution of transactions by our firm and its principals totaling more than $60 billion.

Participation by senior professionals at virtually all stages of the transaction ensures that our clients receive the sophistication and expertise of leading Wall Street advisors with the intense, senior level attention of a private investment bank.

The best interests of our clients always come first: we work with management and the Board to help determine the best course of action. If a transaction is appropriate, we help minimize management distraction and ease the complexity of the process. In contrast, if a transaction is not in the Company’s best interest, we will advise against it.

About Digimarc Corporation
Digimarc Corporation through its ID Solutions business provides products and services that enable the annual production of more than 60 million personal identification documents, including two-thirds of U.S. driver licenses and IDs for more than 25 countries.

Digimarc's digital watermarking technology provides a persistent digital identity for various media content and is used to enhance the security of financial documents, identity documents and digital images, and support other media rights management applications.

About L-1 Identity Solutions
L-1 Identity Solutions, Inc., together with its portfolio of companies, offers a comprehensive set of products and solutions for protecting and securing personal identities and assets. Leveraging the industry's most advanced multi-modal biometric platform for finger, face and iris recognition, L-1’s solutions provide a circle of trust around all aspects of an identity and the credentials assigned to it — including proofing, enrollment, issuance and usage. With the trust and confidence in individual identities provided by L-1 Identity Solutions, government entities, law enforcement and border management agencies, and commercial enterprises can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity.


Past performance may not be indicative of future performance or success.