March 31, 2014 – by Peter B. Counter
Today, BIO-key International announced that it has entered into a license agreement with IDEX ASA, a move what will see the two companies collaborating to deliver advanced and accessible biometric solutions particularly for smartphones, tablets at PCs.
Combining BIO-key’s fingerprint identification solutions, as well as its mobile authentication and identity assurance technology with IDEX’s capacitive fingerprint sensors, the team will be aiming to provide an end to end strong authentication product that promises to meet the growing demand for mobile biometrics.
“The mobile market is rapidly adopting fingerprint sensors for convenient user authentication, leading to secure payment solutions and opening up opportunities for new identity-based applications,” explains IDEX CEO Dr. Hemant Mardia. “IDEX and BIO-key offer a combined solution for secure user identification, leveraging IDEX’ best in class fingerprint sensors, a new generation of powerful recognition algorithms, together with proven BIO-key secure multifactor authentication software. The combined solution and IP creates the potential for significant value-added services to be developed with market-leading customers.”
“This is a significant validation of BIO-key’s commitment to mobile and the consumer market as a core component of our overall strategy,” ass Michael DePasquale, BIO-Key’s chairman and CEO. “The out-of-the-box combination of IDEX’s outstanding sensor technology with BIO-key highly regarded algorithm technology promises to be disruptive in the marketplace. Our combined strengths solve for technological, architectural and economic weaknesses in contemporary fingerprint deployments and will provide higher fingerprint accuracy rates, at faster matching speeds, in more operating system environments, with more efficient yields and costs.”
DePasquale continues: ”With market estimates approaching billions of biometrically enabled mobile devices over the coming years, we believe this alliance will command a significant market share, and change the dialog about what biometrics can do for mobile identity trust and security.”
This announcement is preceding the official release of BIO-key International’s Q4 and fiscal year earnings for 2013. The print release of these financial results will be followed by conference call that can be heard live, online via the company’s website. The call is scheduled for tomorrow, April 1, 2014 at 10 AM Eastern Daylight Time. A recording of the call will also be available to stream afterward.