Nemex completes 20% acquisition of Wavefront Biometric Technologies

May 16, 2014 - 

Nemex Resources has announced that it has completed an initial investment of $700,000 to acquire a 20% stake in Wavefront Biometric Technologies, and has also ended its due diligence review into the acquisition.

According to the Australia-based Nemex, under the principal terms of the agreement, Nemex can acquire up to a 51% stake in Wavefront.

The money from this initial investment will be used for the next stage of Wavefront’s development program, targeted at implementing its biometric authentication technology into a handheld device.

According to a report in ProactiveInvestors, firm commitments have been secured for a $1.8 million capital raising, through the issue of more shares.

At this stage, there are a lot of emerging startups in the biometrics space, and at the same time, there is a lot of M&A activity in the sector. According to a Biometrics Research Note from the Biometrics Research Group, the trend of consolidation is expected to continue.

In 2008, Wavefront filed a patent regarding a system of authentication based on the shape of users’ corneas. From the published patent application, “the apparatus comprises an image projection device to generate and project an image of a pattern, made up of plural discrete points, onto at least a part of the cornea of an eye of the person”

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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