The agreement includes a per unit license fee, an annual licensing fee for the right to use Precise Biometrics algorithm solutions, and an annual fee for support and maintenance. While the per unit license fee is volume dependent and cannot be forecasted by Precise Biometrics at this point, Precise Biometrics is currently projecting that some of the revenue generated under the agreement will be recognized starting from the fourth quarter of 2016.
"We are pleased that InvenSense, Inc. has chosen our fingerprint software to provide the best user experience and security of their ultrasonic fingerprint solutions. The cooperation strengthens our position as the leader in fingerprint software" said Håkan Persson, CEO of Precise Biometrics.
"The strong market presence of Precise Biometrics' fingerprint software makes them the perfect biometric authentication partner to bring our ultrasonic-based fingerprint solution to market. This cooperation coupled with our ability to sense fingerprints under glass, metal and plastic will enable us for both mobile and embedded markets" said Eitan Medina, VP of Marketing, InvenSense, Inc.
Precise BioMatch Mobile (https://precisebiometrics.com/fingerprint-technology/precise-biomatch-mobile/) is the industry's leading algorithm solution for convenient and secure fingerprint recognition in smartphones and tablets. The unique and patented hybrid algorithm solution is optimized for small fingerprint sensors and platforms with limited processing power and memory. Precise BioMatch Mobile offers fast, accurate, and secure verification of user's identity, creating a convenient user experience when unlocking mobile devices or authenticating to services.
Precise BioMatch™ Embedded (https://precisebiometrics.com/fingerprint-technology/precise-biomatch-embedded/) enables convenient and secure fingerprint authentication in products with small sensors and limited platforms, such as smart cards, wearables and the Internet of Things.
This information is information that Precise Biometrics AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 14.00 CEST on October 21, 2016.
FOR FURTHER INFORMATION, PLEASE CONTACT
Håkan Persson, CEO, Precise Biometrics AB
Phone; +46 46 31 11 05 or +46 734 35 11 05
ABOUT PRECISE BIOMETRICS
Precise Biometrics is a market leading supplier of solutions for convenient and secure authentication of people's identity. We develop and sell fingerprint software and mobile smart card readers that provide the market's best user experience and security. Our solutions are used hundreds of millions of times every day by people all over the world and are marketed together with strong business partners. For more information, please visit; https://precisebiometrics.com/
InvenSense, Inc. (NYSE: INVN) is the world's leading provider of MEMS sensor platforms. InvenSense's vision of Sensing Everything™ targets the consumer electronics and industrial markets with integrated Motion and Sound solutions. Our solutions combine MEMS (micro electrical mechanical systems) sensors, such as accelerometers, gyroscopes, compasses, and microphones with proprietary algorithms and firmware that intelligently process, synthesize, and calibrate the output of sensors, maximizing performance and accuracy. InvenSense's motion tracking, audio and location platforms, and services can be found in Mobile, Wearables, Smart Home, Industrial, Automotive, and IoT products. InvenSense is headquartered in San Jose, California and has offices worldwide. For more information, go to www.invensense.com (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.invensense.com&esheet=51390826&newsitemid=20160728005571&lan=en-US&anchor=www.invensense.com&index=3&md5=5180fa968eca3ecb7ed2ad9886e83ad4) and http://www.coursaretail.com (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.coursaretail.com&esheet=51390826&newsitemid=20160728005571&lan=en-US&anchor=http%3A%2F%2Fwww.coursaretail.com&index=4&md5=28a4ff06eeb38d9f0c29934ac0333a89).