Yahoo Finance Fingerprint Cards AB (publ) enters into an exclusive partnership agreement with Egis Technology in the Mobile area
Fingerprint Cards AB (Fingerprints) today announced that it has entered into an exclusive partnership agreement with Egis Technology (“Egis”), one of the largest biometric sensor solution providers in the world, covering patent & technology licensing and conditional Mobile asset acquisitions, to enable Egis to start to integrate Fingerprints’ Mobile product lines and technology with Egis’ existing mobile platform. This transaction aligns with Fingerprints’ aim to establish partnerships with sensor vendors, facilitating monetization opportunities from the company’s expertise and intangible asset portfolio. While this agreement will not have a material financial impact for Fingerprints upfront, it entails great future opportunities for Fingerprints to generate additional revenue in the form of NRE and royalties for development work. Furthermore, the partnership with Egis will enable a faster, more efficient winding-down of Fingerprints’ Mobile business and inventory depletion, as well as providing continued employment opportunities for some of Fingerprints’ former Mobile-dedicated staff at Egis.
For Egis, the agreement constitutes a major step in enhancing its mobile technology and fingerprint recognition offerings by leveraging Fingerprints’ know-how and leading intellectual property. It will bring in additional technology, products, and human resources to enable Egis to service Fingerprints’ existing Mobile customer base, facilitating a smooth transition and minimizing the business impact of Fingerprints’ decision to wind down its Mobile business. In addition, the new technology, products and human resources can also be utilized to service Egis’ existing mobile customer base.
Steve Ro, Chairman of Egis, said: “We are thrilled with the opportunity to incorporate the mobile fingerprint assets from a reputable brand name such as Fingerprints. Since 2015, Fingerprints’ sensors have been commercialized in billions of mobile phones worldwide across every major mobile phone brand in the world including Xiaomi, Vivo, Huawei, Honor, Oppo, and Google. As we continuously strive to improve our collaboration across the globe, this transaction will enable further growth of our mobile business. The consolidated Egis-Fingerprints mobile platform will offer an extremely compelling value proposition to all mobile customers worldwide. Furthermore, it will allow Egis to realize the economies of scale necessary to be even more competitive in this market.”
Adam Philpott, CEO of Fingerprints, said: “We are very pleased to establish this ongoing partnership with Egis, who will provide continuity and support for our Mobile customers, whilst generating revenue for the continued product value our world-class team creates. This transaction is testament to the strength and value of our technology and patent portfolio, which consists of over 700 registered patents, extending from algorithms and biometric image processing through to sensors and hardware packaging technology. We will continue to source and deliver meaningful monetization opportunities as part of our Transformation Plan.”
For further information, please contact:
Adam Philpott, President & CEO
Investor Relations:
+46(0)10-172 00 10, investrel@fingerprints.com
Press:
+46(0)10-172 00 20, press@fingerprints.com
About Fingerprints
Fingerprint Cards AB (Fingerprints) – the world’s leading biometrics company, with its roots in Sweden. We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in hundreds of millions of devices and applications, and are used billions of times every day, providing safe and convenient identification and authentication with a human touch. For more information visit our website, read our blog, and follow us on Twitter. Fingerprints is listed on Nasdaq Stockholm (FING B).
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