IDEX Biometrics Completes Private Placement Worth NOK 214 Million

IDEX Biometrics Completes Private Placement Worth NOK 214 Million

IDEX Biometrics has completed a $25 million USD private placement, the company has announced. The NOK 214 million deal entailed the sale of 53,437,500 shares to existing shareholders including Invesco, Woodford Investment Management, and members of the company’s management team and board of directors.

In a statement announcing the private placement, IDEX asserted that it “anticipates a significant ramp-up in sales driven by rapidly growing customer demand for both its contact-less and contact-based biometric card solutions.” The fingerprint biometrics specialist has focused intensely on this emerging market area over the past several months, and closed out 2018 with multiple announcements of partnerships with firms involved in the industry. It also settled on an official brand name for its fingerprint sensor solutions in December, dubbing the product line “SmartFinger”.

“Following significant growth in end-customer traction and awareness of its biometric cards, IDEX is also pleased to report a recent increased interest in its solutions from potential global strategic partners,” the company added, saying that it “is currently in discussion with these global partners to enable deeper strategic collaboration, which may result in an additional equity investment.”

IDEX is not alone in anticipating a blossoming market for biometric payment cards, with numerous players in the biometrics and payments industries actively developing and trialling payment cards that are able to authenticate cardholders with a fingerprint scan during a transaction.

(Originally posted on FindBiometrics)