Precise Biometrics has entered an agreement with Shanghai OXi Technology for licensing of Precise Biometrics' product for fingerprint recognition, Precise BioMatch Mobile.
The license agreement will generate royalty revenue based on sales of fingerprint sensors from OXi that includes Precise BioMatch Mobile. Royalty revenues are volume-dependent and cannot be forecasted at this point. The agreement includes a limited initial fixed fee for the right to integrate and use Precise Biometrics' software and for support & maintenance, which is recognized starting from the fourth quarter of 2015.
"The agreement with OXi strengthens our position as the leading independent supplier of fingerprint software for mobile devices. OXi is a Chinese vendor with a very innovative sensor technology," says Håkan Persson, CEO of Precise Biometrics.
"We believe that the collaboration with Precise Biometric will enable us to provide a competitive solution for the biometric sensor market," says Hong Zhu, CEO at OXi.
Precise BioMatch Mobile provides easy integration of fingerprint matching functionality for smartphones and tablets, and is optimized for small touch sensors in mobile environments through a unique patented hybrid algorithm. The software offers fast, accurate, and secure verification of the user's identity, creating a convenient user experience for consumers when unlocking their mobile device or authenticating to services, while delivering enhanced security.