IDEX completes private placement of NOK 214 million (USD 25 million)

Oslo, Norway – 30 January 2019 – IDEX Biometrics (IDEX ASA), the leading provider of advanced fingerprint identification and authentication solutions, is pleased to announce the completion of a private placement. A total of NOK 214 million (USD 25 million) has been committed from existing shareholders, including Woodford Investment Management, Invesco and members of the Board and management team.
This fundraise will meet capital and working capital requirements and the Board expects the additional funds to take the Company through to profitability.

The private placement structure of the transaction will inherently require a waiver of existing shareholders’ preferential rights to subscribe for new shares. The Board considers such structure and waiver necessary and appropriate to secure timely financing for the purposes described above. The stated subscription price represents a 26% premium to the closing price of the IDEX share on Oslo Børs on 29 January 2019. The Board believes that the private placement is in the best interest of the Company and its shareholders.

A total of 53,437,500 shares will be issued at a price of 4.00 NOK per share, raising a total of NOK 213,750,000 (USD 25,000,000). The capital issue is covered by the board’s authorization to issue up to 10% new shares as resolved by the 2018 AGM on 9 May 2018. Following the capital increase, IDEX will have a share capital amounting to NOK 89,662,805.55, divided into 597,752,037 shares at NOK 0.15 nominal value per share.

IDEX anticipates a significant ramp-up in sales driven by rapidly growing customer demand for both its contact-less and contact-based biometric card solutions. These are now ready for mass production at market enabling prices and disruptive cost compared to alternative solutions currently being trialled in the market. The product portfolio also includes proprietary secure and compact matching algorithms, and a remote enrollment solution.

IDEX has received the industry’s first production order and believes it is the only supplier of dual-interface and contact-based solutions meeting all requirements for certification. IDEX is also the only supplier of biometric cards at competitive and enabling prices due to its ‘off-chip’ technology. This ‘off-chip’ technology has a uniquely strong cost and performance value proposition for smart cards, recognized by global eco-system leaders. As such, IDEX is ideally positioned to capture a large share of the market for biometric payment cards, estimated to reach more than 575m units by 2023 (Goode Intelligence, 2018).

This belief is supported by a significant increase in customer interest across EMEA, Americas and Asia for IDEX’s biometric payment card solutions, which adds to its growing pipeline of opportunities. Recent announcements, fortifying its Asian presence, include XH Smart Tech, Chutian Dragon Co., Ltd and CEC Huada Electronic Design Co., Ltd. The Company looks forward to announcing contract wins and important developments in the near future.

Following significant growth in end-customer traction and awareness of its biometric cards, IDEX is also pleased to report a recent increased interest in its solutions from potential global strategic partners. The Company is currently in discussion with these global partners to enable deeper strategic collaboration, which may result in an additional equity investment.

IDEX also recognizes the international composition of its shareholders and considers it increasingly important to access a broader and strategic investor base. As a result, the Company intends to pursue options to list its shares on an international regulated investment exchange such as the London Stock Exchange or Nasdaq. 

To further enhance its market leading position and future competitiveness, IDEX has, in the last quarter alone, made collaborations with Visionox, to develop fingerprint sensors with integrated displays, and with Shenzhen Excelsecu Data Technology Co., Ltd to develop battery-less dual-interface biometric cards with display.

Stan Swearingen, CEO of IDEX said: “We are delighted to secure this funding from existing shareholders so that we are able to fully capitalize on the level of anticipated demand for our solutions. This investment is a strong endorsement of the massive value creation potential of IDEX’s fingerprint sensor technology in the biometric smart card space.”

For further information contact:
Henrik Knudtzon, CFO
+47 9302 2827

Stuart Hunt, Head of Investor Relations & Communications
+44 1276 534 632

About IDEX Biometrics
IDEX Biometrics, legal name IDEX ASA (OSE: IDEX), is the 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 and follow @IDEXBiometrics

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.