The license agreement will generate royalty revenue based on sales of secure elements from OT that includes Precise BioMatch Embedded in the delivery. 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 first quarter 2016.
The partnership with Precise Biometrics enables OT to offer convenient and secure fingerprint identification for connection, authentication and payments in any type of device, such as smartphones and tablets, wearables, vehicles or other consumer and industrial devices. The integration of fingerprint matching algorithms in OT's eSE allows to securely run the fingerprint verification inside the eSE, thereby preventing users biometrics to be exposed outside the eSE, in which they are already securely stored.
"The rapid growth of mobile payments is increasing the demand for secure mobile authentication. Our industry leading capabilities in providing high performance fingerprint solutions for platforms with limited processing power and memory enables new use cases where convenient and secure authentication is needed. The cooperation with OT is a big step in taking such solutions to market and securing users digital identity", said Håkan Persson, CEO of Precise Biometrics.
"While the use of biometric data today appears as the most efficient way to authenticate users, it also raises new security challenges. It is therefore critical to combine the most advanced technologies to protect users' biometrics. The partnership with Precise Biometrics allows us to further increase security in mobile, M2M and IoT devices by integrating the industry's leading fingerprint recognition software in our PEARL by OT® offering.", said Marc Bertin, CTO of OT.
PEARL by OT® (http://www.oberthur.com/use-cases/secure-mobile-services/) is the safest possible place to store secret information and execute sensitive applications. It offers a yet unattained level of security and the largest memory on the market for easy deployment of secure mobile contactless payment, transit, governmental and automotive applications, as well as secure access to online services for enterprise and consumer markets. With Precise BioMatch Embedded it will offer an even faster, accurate, and secure verification of user's identity, creating a convenient user experience when authenticating to devices or services. Precise BioMatchTM Embedded (https://precisebiometrics.com/fingerprint-technology/precise-biomatch-embedded/) is the industry leading algorithm solution that offers convenient and secure fingerprint recognition for products such as smart cards, wearables, locks and cars.
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 7.45 am CEST on May 17, 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 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; https://precisebiometrics.com/
ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay. OT is strategically positioned in high growth markets and offers embedded security software solutions for "end-point" devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment. OT employs over 6 300 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT's international network serves clients in 140 countries. For more information: www.oberthur.com