Precise Biometrics has entered into a major new agreement with a sensor manufacturer as the company moves forward from Q1 losses.
The China-based manufacturer, Silead, has signed on for a license agreement allowing it to use Precise Biometrics’ Precise BioMatch Mobile software. In a statement announcing the agreement, Precise Biometrics CEO Håkan Persson said it “further strengthens our position as a leading supplier of fingerprint algorithms that provide convenient and secure identity authentication for mobile and embedded devices,” adding that it’s also “another important step to commercialize our fingerprint technology.”
If all goes well, the agreement will provide Precise Biometrics with a constant stream revenues going forward; and given the emergence of a number of mPayment platforms and the tendency for such systems to use biometric technology for authentication, the prospects look good. And that could prove highly valuable as Precise Biometrics seeks to move forward from a net result of SEK -8.8 million for Q1 of 2015.
While that’s a major loss, net sales were solid at SEK 4.5 million, and a number of further developments after the end of the quarter have helped to further bolster the company’s outlook for Q2. The company won the 2015 Global Frost & Sullivan Award for Customer Value Leadership, its Tactivo mobile smart card readers were approved for use with a major Swedish healthcare prescription tool, and the US Department of Defense placed another major order for Tactivo readers.