IDEX ASA : Commercial agreement with European based OEM partner worth up to 80 million NOK
IDEX ASA has entered into a commercial agreement with a European OEM partner for SmartFinger sensor and software. The agreement has a minimum value of NOK 21 million NOK and a potential of approximately 80 MNOK in 2013 and 2014.
Oslo, Norway, 8 November 2012: IDEX has entered into a commercial agreement with a European based partner for developing biometric security locks for use on luggage produced by leading manufacturers.
IDEX SmartFinger® fingerprint sensor and accompanying software will be incorporated in the electronic luggage lock and substitute a key or pin code. The user enrolls fingerprints directly at the lock, and the mechanism which will unlock only if the userswipes an enrolled finger over the sensor. With this inventive concept personal belongings are safeguarded in a simple and convenient way without any need for carrying keys or remember pin codes.
IDEX considers this partnership to be a significant step in expanding its presence in the biometric mass market.
“This commercial agreement confirms the rapid acceptance of fingerprint biometrics as a standard for personal security in a vast number of new applications,” said CEO Ralph W. Bernstein of IDEX.
“IDEX has a strong focus on on-device biometric systems. We pride ourselves to offer complete fingerprint authentication systems to be embedded into a variety of products in order to add security in a safe and simple way,” he continued, and added, “Our product offerings have initially opened the market for early adopters of biometric cards, mobile peripherals and a variety of other biometrically enabled devices. At present, we experience a strong interest for IDEX’ technology and IP as a result of the fast-growing demand for biometrics in the mobile market.”
The commercial agreement defines specific volumes to be delivered from the second quarter of 2013 with an expected significant increase in 2014. Final volumes will depend on demand, but is expected to be in the multiple million unit range. The name of the OEM partner company is not disclosed.
8 November 2012
IDEX ASA is a Norwegian public company specializing in fingerprint imaging and recognition technology. IDEX’ vision is to ensure individuals a safe, secure, and user-friendly use of personal ID. IDEX has developed the award-winning SmartFinger Film technology platform including the patented fingerprint imaging principle, sensing scheme and chip design. Combined with core software solutions for imaging and authentication SmartFinger Film enables on-device enrollment, template storage and verification within the very same module. The SmartFinger Film sensor is thin and bendable and can be customized for a variety of applications such as One Time Password devices, Smartcards, ID cards, access control devices and biometric tokens. The SmartFinger technology is available to customers under an intellectual property licensing scheme or as SmartFinger Film sensor assemblies for integration into customers’ products. IDEX ASA (ticker IDEX) is listed at the Oslo Axess market place on the Oslo Børs (Oslo stock exchange). For more information, please visit www.idexbiometrics.com or contact IDEX at: email@example.com