Invesco funds invests $49 million in IDEX ASA

January 3, 2014 - 

Funds managed by Invesco Asset Management Limited have agreed to acquire 60,000,000 new shares in IDEX at a subscription price of US$ .82 (NOK 5.00) per share, totaling $US 48.94 (NOK 300 million).

The pricing of the shares is based on the weighted average price on the 10 trading days to 20 December 2013, when the investment terms were substantially agreed. Following the share issue, Invesco will hold 14.8% of the shares in the company.

“We are pleased to secure this significant funding from funds managed by Invesco, which is a landmark in the accelerating development of IDEX as a global leader in the fingerprint sensor mass market. The level of commitment from Invesco is a recognition of the immense opportunity for IDEX’s SmartFinger technology,” Hemant Mardia, CEO of IDEX said.

According to the company, upon subscription in the offering, the funds managed by Invesco will also receive 30,000,000 warrants, each at an exercise price of NOK 7.50. These warrants are open to be exercised 12 months after the date of their issue and will expire 24 months after issue.

“IDEX aims to exploit its leading technology and patent position in the fast growing market for secure biometrics across a diverse range of consumer devices,” Mardia said. “The new funds will be utilized to ramp-up the introduction and deployment of our compelling product roadmap for swipe and touch fingerprint sensors and strengthen our competitive position to secure commercial partnerships with global industry leaders during 2014.”

Reported previously, in September 2013, World Wide Touch Technology Holdings invested $5.03 million in IDEX, 2.2 percent of the Norwegian company’s expanded share capital at the time.

Leave a Comment

comments

About Adam Vrankulj

Adam Vrankulj is an editor for BiometricUpdate.com. His background consists of online news writing, editing and content marketing. Adam has written for CBCNews.ca, BlogTO and was the editor and curator for the nextMEDIA and CIX Source publications. He has a degree in journalism and is passionate about science, technology and social innovation. Contact Adam, or follow him at @adamvrankulj