Three-year agreement with IRIS brings SEK 3.5 million in license revenue to Precise Biometrics in the first phase
Precise Biometrics AB (publ), which develops and sells world leading, user-friendly biometric security solutions based on fingerprints and smart cards, has entered a three-year business agreement with its partner, IRIS Corporation Berhad (Malaysia). IRIS is a global smart card technology solution provider with core expertise in the area of electronic national ID cards and ICAO-compliant electronic passports. Concrete projects have already been initiated and the agreement entails a stronger relationship between the two companies.
Precise Biometrics and IRIS have cooperated in the past, particularly in the recent project for Thailand's national ID cards, where 12 million cards were supplied with Precise Match-on-Card(TM) technology and IRIS supplied over 36,000 biometric smart card readers.
As a result of the strengthened cooperation, Precise Biometrics and IRIS have entered into an agreement for the supply of licenses to IRIS, Precise BioMatch(TM), the unique algorithm that constitutes the foundation for all solutions from Precise Biometrics. The agreement is expected to generate SEK 3.5 million in revenue for Precise Biometrics in the first phase.
Precise Biometrics will also become a supplier for IRIS high-end mobile and desktop smart card terminals comprising of the IRIS ST4e and TC6000 models.
The IRIS ST4e is the latest version of IRIS handheld terminals designed for demanding field operational requirements while the TC6000 is designed for multi-application office operational requirements. Both terminals are highly versatile and are suitable for ID projects currently being planned in several countries.
The outcome of the partnership is that IRIS has integrated Precise BioMatch(TM) into their entire product line, both readers and smart cards. With Precise BioMatch(TM), IRIS now has the capacity to perform Match-on-Card on their devices, which means that the actual matching of the fingerprint is performed on the card, and not on an external server or PC. The privacy and integrity of the individual is thereby secured, while the solution at the same time offers complete interoperability and scalability.
"With the introduction of Precise Biometrics Match-on-Card(TM) technology, our product range is significantly enhanced to meet the increasing demands in the world for high-end security electronic national ID-card and electronic passport solutions. Based on the projects we have already initiated together and on our evaluation of the market, it gives us great pleasure to enter into this agreement for licenses to meet the increasing demand," says Lee Seng Hoong, Director, Sales and Marketing of IRIS.
"The integration of our technology into the IRIS product range has already won business and I am confident in that the cost effectiveness and privacy of the Precise Match-on-Card(TM) technology will generate much more business for our two companies in the future," adds Christer Bergman, President and CEO of Precise Biometrics.
For further information, please contact
Christer Bergman, President & CEO, Precise Biometrics AB.
Telephone +1(0) 703 405 8255, or +46 (0) 730 35 67 26
Precise Biometrics AB (publ.) is an innovative security company that supplies world-leading systems for fingerprint and smart card-based authentication. The company's solutions replace keys, PIN codes and passwords and enhance the integrity of ID cards and passports. With its proprietary Precise Match-on-Card(TM) technology, the company is a market leader within smart ID cards. Through its subsidiary Fyrplus Teknik, Precise Biometrics can deliver complete biometrics solutions on the Scandinavian market based, for example on fingerprint, iris and facial recognition. The product line includes systems for access control to buildings, computers and networks and for integration into ID cards and passports. The group headquarters are in Lund, Sweden. It also has offices in Stockholm and a U.S. subsidiary in Washington, DC. The subsidiary Fyrplus Teknik is based in Karlstad and has regional offices in Linköping. Precise Biometrics is listed on the O-list of the Stockholm Stock Exchange (symbol: PREC A). For more information, please visit http://www.precisebiometrics.com/