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Fingerprint Cards AB (publ): strategic review results in organizational separation into two subsidiaries to maximize growth and profit opportunities
Fingerprint Cards AB (publ) today announced the continuation of the organizational and legal separation of its two business units by forming two new wholly owned subsidiaries, Fingerprint Technology Company (FPC) (formerly Mobile business line) and Fingerprint Cards Switzerland AG (formerly Payments & Access business line).
The Company also announces the appointments of Ted Hansson as President of Fingerprint Technology Company (FPC), based in Shanghai, China and Michel Roig as President of Fingerprint Cards Switzerland, based in Zug, Switzerland.
Christian Fredriksson, Group CEO, commented: “The strategic review work as initiated by the Board in July has helped us conclude that the Company and its stakeholders stand to benefit from a fuller organizational and legal separation of our two business lines. Given two very different sets of business dynamics and ecosystems - including partners and customers - this separation enables clearer and more efficient day-to-day operations while both subsidiaries continue to benefit from access to the same unique IP as owned by the Group. I’m delighted by the appointment of Ted and Michel to lead the subsidiary operations, both of whom have gained significant experience within the Group in their respective business lines in past years.”
“Proximity to our customers and partners is critical to our ability to continue offering innovative and differentiated products and solutions. We have a long-established presence in Shanghai, and I am pleased that Fingerprints is now further clarifying this location’s management responsibility for its Mobile and PC businesses,” commented Ted Hansson, president of Fingerprint Technology Company (FPC).
“I am very excited to lead our work towards the massive growth opportunity in payments,” commented Michel Roig, president of Fingerprint Cards Switzerland AG. He added “Operating as a separate subsidiary based in Zug has significant benefits as our customers and partners express a strong preference to work with European based technology providers and partners.”
“The Mobile and Payments industry ecosystems differ in many respects including structure, regulatory environments, and geography. The world’s top three payment card producers are all based in continental Europe, while most of the largest smartphone OEMs are headquartered in Asia. The changes we are announcing today will further enhance our strategic and financial opportunities, enabling us to explore distinct and separate financing options and avenues of development for the different subsidiaries in our Group,” commented Johan Carlström, Chairman of the Board of Fingerprint Cards AB (publ).
For further information, please contact:
Johan Carlström, Chairman of the Board of Fingerprint Cards AB
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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