IDEX Biometrics Has Received its First Production Orders of a Multimillion-dollar Commitment from a Leading Global Provider of Financial Services
Oslo, Norway, 3 February 2020: IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions, has received its first production orders under an agreement entered into in 2019 to provide fingerprint sensors to a leading global provider of financial services and news. Following initial sample orders in the fourth quarter of 2019, IDEX has now received the first production orders under this program with a minimum commitment of USD 6 million.
Throughout 2019, IDEX worked with this customer to customize, test, and qualify the IDEX solution for this high-security application. These first production orders are expected to ship in the second quarter of 2020 and a regular flow of orders is expected to result in monthly shipments as the IDEX-based solution gets deployed to the customer’s end users.
Stan Swearingen, CEO of IDEX comments: “Our solution has now been validated by a major global customer with significant experience in the use of biometrics on its products. This is the largest commitment in IDEX’s history, and our team has done a tremendous job meeting customer requirements and preparing for volume shipments. We now expect a regular flow of purchase orders from this customer and look forward to being an integral part of the rollout of their enhanced biometric security solutions”.
For further information contact:
Derek D’Antilio, Chief financial Officer
Tel: +1 197 827 31344
Erling Svela, Vice President of Finance
Tel: +47 4062 1040
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer, and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com and follow on Twitter @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act