Foxconn to invest in Next Biometrics, purchase sensors

May 27, 2014 - 

Foxconn Technology is set to invest $5 million in Next Biometrics, through the biometric sensor company’s upcoming IPO.

Specifically, Foxconn has committed to subscribing shares for the five million (NOK 30 million), at the final IPO share price. Under the set terms, Foxconn will have the right to further investments up to the same amount. In order to be able to do this however, the agreement requires Foxconn to purchase “a significant volume of sensors” over the coming three years.

“Being the world leader in its field, Foxconn must have followed the emerging fingerprint sensor industry closely over the years,” Next Biometrics CEO, Tore Etholm-Idsøe said. “The list of fingerprint relevant products manufactured by Foxconn is significant. Therefore we are obviously extremely pleased being able to sign such an agreement, where we have the corporate support of Foxconn, both financially and industrially. Next has now started mass delivery of our unique fingerprint sensors. The Foxconn deal and the upcoming IPO will secure a strong basis for us to achieve our 2014 and 2015 targets.”

The Next Biometrics IPO is set to take place in June 2014, through the Oslo Stock Exchange.

Foxconn manufactures Apple’s iPhone products – including the 5S with a fingerprint sensor — as well as an array of other devices from other major companies.

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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