STOCKHOLM, Sweden, Jan. 30, 2017 /PRNewswire/ -- Precise Biometrics, a leader in fingerprint software, has entered an extended software license and distribution agreement with an existing sensor customer that guarantees total license revenues of a minimum of 17.5 million SEK during 2017 and 2018 for the use of Precise Biometrics' algorithm solution for fingerprint recognition in mobile devices, Precise BioMatch Mobile.
The extended licensing agreement includes a fee of 17.5 million SEK for a set number of licenses of Precise BioMatch Mobile over a two-year period and replaces the existing agreement during this period, which guaranteed revenues of 1.5 million for the right to use Precise Biometrics software. The revenue from the new agreement will be recognized evenly during 2017 and 2018. The agreement may generate additional revenues provided that the customers' sales volumes exceed the set volume in the agreement.
"We are pleased to have entered this agreement that further strengthens the cooperation with our customer while securing substantial revenues over the coming two years. This agreement underlines the growth in the market and validates our position as the leading supplier of fingerprint software" said Håkan Persson, CEO of Precise Biometrics.
Precise BioMatch Mobile is the industry's leading algorithm solution for convenient and secure fingerprint recognition in smartphones and tablets. The unique and patented hybrid algorithm solution is optimized for small fingerprint sensors and platforms with limited processing power and memory. Precise BioMatch Mobile offers fast, accurate, and secure verification of user's identity, creating a convenient user experience when unlocking mobile devices or authenticating to services.
This information is information that Precise Biometrics AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 15.50 CET on January 30, 2017.
FOR FURTHER INFORMATION, PLEASE CONTACT
Håkan Persson, CEO, Precise Biometrics AB
Phone; +46 46 31 11 05 or +46 734 35 11 05
ABOUT PRECISE BIOMETRICS
Precise Biometrics is a market leading supplier of solutions for convenient and secure authentication of people's identity. We develop and sell fingerprint software and mobile smart card readers that provide the market's best user experience and security. Our solutions are used hundreds of millions of times every day by people all over the world and are marketed together with strong business partners. For more information, please visit; http://precisebiometrics.com Follow us on LinkedIn and Twitter.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
SOURCE Precise Biometrics