Fingerprint Cards Ab (Publ) Forms New Organizational Unit: New Business

(MENAFN- GlobeNewsWire - Nasdaq) Fingerprints today announced the next step in the company's diversification strategy: the formation of a new organizational unit – New Business – under the leadership of Thomas Rex. This unit is charged with developing new business and driving revenue growth, with a particular focus on the following four areas:

New partners
Fingerprints has a long history of partnering with industry-leading organizations in order to develop product offerings and strengthen the company's position in its core biometric solutions business. Our New Business unit will explore opportunities to expand into adjacent markets by entering collaborative agreements with technology companies that can benefit from Fingerprints' technical expertise and sales channels in their go-to-market strategy. We have ongoing discussions with several high-potential partners, e.g. in the area of human body sensors.

M&A
In cases where we see the potential for realizing major synergies with a partner company, we may evaluate carrying out targeted, smaller acquisitions to complement our portfolio.

Automotive
Forthcoming legal requirements for Driver Monitoring (DMS) using infrared cameras create a strong case for integrating iris recognition technology, which works by illuminating the eye with infrared light to take a picture of the iris. We see an increasing interest from automotive companies in the benefits of biometrics, e.g. in authenticating in-car payment system transactions and enabling other advanced features, such as driver personalization and preventing the vehicle from starting unless the driver has been successfully authenticated.

Monetizing intellectual property rights ( IPR )
Fingerprints has around 600 registered patents in its portfolio, extending from algorithms and biometric image processing through to sensors and hardware packaging technology. We see an increased potential for monetizing these intellectual property rights, and we are working with leading patent law firms to this effect.

“I am thrilled to take on this new role, with the aim of accelerating the diversification of Fingerprints' revenues to new areas. The New Business unit has clear commercial objectives and operates with a broad scope. We are looking to expand our business into adjacent markets, as well as targeting new customer segments for our existing solutions,” commented Thomas Rex, Executive Vice President New Business.

MENAFN18072023004107003653ID1106619541