IDEX interim report as at 30 September 2013
· IDEX acquires touch sensor patents, technology and employs executive team from PicoField:
Complements IDEX’s protected technology base and adds highly experienced staff including founders of Validity
· IDEX obtains significant strategic investment from World Wide Touch Technology:
$9 million funding for accelerated execution of product rollout
· Apple’s iPhone 5S with a capacitive fingerprint sensor heralds a new era of convenience and security on mobile devices:
Opening up a multibillion-dollar market for IDEX and validates that capacitive fingerprint sensors are the optimal solution
· Accelerating development of cost disruptive fingerprint touch sensors:
Increased investment in proprietary two-part sensor technology and R&D expansion from 13 to 30 staff total
· Establishing strategic presence in the USA for access to tier one industrial partners:
Development centre in Boston and office in Silicon Valley
· Agreement expanding the scope of the current agreement with global player in mobile telecoms market:
Demonstrates traction in commercializing products for the mobile communications mass market
IDEX has secured additional funding, enabling expedited development of key products, expansion of activity with strategic partners, acquisition of key technology and addition of experienced industry veterans. IDEX is implementing its strategy to fulfil the company’s business focus on exploiting the rapid growth of the biometric mobile communication market.
The capacitive sensing principle, which IDEX uses, is the sensing principle of choice for consumer devices. This has been stated by Microsoft and confirmed by Apple’s acquisition of AuthenTec, Inc. in 2012 and Synaptics, Inc.’s recent acquisition of Validity Sensors, Inc.: Both of the acquired companies deliver capacitive sensors. IDEX, by virtue of its strong patent base is now one of only two independent principal vendors of capacitive fingerprint sensor components.
IDEX has added new employees and contractors in order to deliver products and support to existing and new partners. IDEX is investing in enhancing its IP and technology position to deliver an increased product portfolio and leverage its strong patent position. The sales and marketing staff and activities are growing, with focus on strategic tier-one partnerships within the consumer electronics market.
The rapid adoption of fingerprint biometric sensors is leading to a multi-billion dollar mass-market opportunity for IDEX. The SmartFinger swipe sensor is expected to be qualified for use in mobile communications devices by the end of 2013.
Statements from industry leaders Microsoft and PayPal have underlined the need for touch sensors in addition to low-cost swipe sensors. The relative value of the touch sensors is several times that of swipe sensors and will lead to significant market scale increase for IDEX. IDEX plans to deliver product samples of touch sensors mid-2014.
The full report and interim financial statements are enclosed in pdf file or use the link at the very end of this notice.
13 November 2013
Hemant Mardia, CEO, +44 7788 922 171, hm(at)idexbiometrics.com
Kristian Wiermyhr, VP strategy and sales, +47 41273360, kw(at)idexbiometrics.com
Erling Svela, CFO, +47 4062 1040, erling.svela(at)idexbiometrics.com
IDEX ASA specialises in fingerprint imaging and recognition technology. IDEX’s vision is to ensure individuals a safe, secure, and user-friendly use of personal ID. IDEX has developed the award-winning SmartFinger® technology platform based on the company’s core intellectual property, including the patented fingerprint imaging principle, sensing scheme and chip design. Combined with core software solutions for imaging and authentication, the SmartFinger technology enables on-device enrollment, template storage and verification within the very same module. SmartFinger solutions can be seamlessly integrated into a variety of embedded applications such as mobile phones, one-time password devices, Smartcards, payment and ID cards, payment terminals, access control devices and biometric security and login tokens.
IDEX ASA (ticker IDEX) is a Norwegian public company listed at the Oslo Axess marketplace on the Oslo Børs (Oslo stock exchange). For more information, please visit www.idexbiometrics.com or contact IDEX at email@example.com