The license agreement will generate royalty revenue based on sales of fingerprint sensors from IDEX that includes Precise Biometrics' algorithm solutions. Royalty revenues are volume dependent and cannot be forecasted at this point. The agreement includes a limited initial fixed fee for the right to integrate and use Precise Biometrics' software, which will be recognized starting from the second quarter 2016.
"IDEX is one of the most promising sensor vendors in the market and we are pleased to enter this collaboration, which further strengthens our position as the leading supplier of fingerprint software", said Håkan Persson, CEO of Precise Biometrics.
"Precise Biometrics offer industry leading algorithm solutions suitable for a range of applications. We are collaborating on a number of specific market opportunities together with Precise Biometrics", said Dr. Hemant Mardia, CEO of IDEX.
This press release contains information that Precise Biometrics is required to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980). The information was submitted for publication at 8.00 am CET on April 29, 2016.
FOR FURTHER INFORMATION, PLEASE CONTACT
Håkan Persson, CEO, Precise Biometrics AB
Telefon; +46 46 31 11 05 or +46 734 35 11 05
ABOUT PRECISE BIOMETRICS
Precise Biometrics is a market-leading provider of solutions that prove people's identities through smart cards and fingerprint recognition. The company's products can be used for ID, enterprise and bank cards as well as access to mobile solutions, computers and networks. Precise Biometrics serves business and government organizations throughout the world and its products are licensed to close to 160 million users. For more information, please visit; www.precisebiometrics.com
IDEX has developed the world's most advanced fingerprint imaging, recognition and authentication technology. IDEX's innovative Intellectual Property (IP) is protected by a comprehensive portfolio of 47 granted and pending patent families, which continues to grow through ongoing innovation. The IDEX business model is based on designing innovative fingerprint sensor IP and products, which IDEX sells and licenses global Original Equipment Manufacturers (OEM) partners. These partners utilise IDEX IP in a range of biometrically enabled products. The customers are either purchasing IDEX fingerprint sensor units or paying a royalty on units they produce. IDEX's addressable market represents a multi-billion unit opportunity, centred on three core markets; Mobile Devices, ID security and Smart Cards and The Internet of Things. IDEX has an exciting and competitive product ready road map including swipe sensors, touch sensors with disruptive cost positions, and a unique in-glass solution.
The Company is currently in the process of commercialising these products and has recently announced a number of important OEM partnerships and end user design wins. IDEX ASA (ticker IDEX) is a Norwegian public company, founded in 1995, and its shares are Listed on the Oslo Børs (Oslo stock exchange). For more information, please visit www.idex.no or contact IDEX at hk(at)idex.no