Precise Biometrics lands financial services deal, stock rises 18 percent
Precise Biometrics has announced that a major U.S.-based provider of financial information services has chosen Precise Biometrics as its new fingerprint algorithm vendor following a thorough market test.
According to the company, this new agreement will have a positive impact on first-quarter financial results. Precise Biometrics’ solution for embedded systems, which includes the top ranked algorithms in NIST/Minex test, was the main reason for the selection.
“The financial services markets have some of the world’s toughest requirements on usability and security which is why we are extremely proud and pleased to present this new customer and their endorsement of our solution for embedded systems,” CEO & President of Precise Biometrics Thomas Marschall said, adding that this new development is extremely significant. “It means that hundreds of thousands of employees in the financial sector soon will be using out technology on a daily basis.”
Upon this announcement, Precise Biometrics rose to its highest stock price in more than two months, following news that this new agreement would have a positive impact on first-quarter results. According to a report in Bloomberg, “Precise Biometrics jumped as much as 18 percent to 0.86 krona, the highest intraday price since Oct. 23, at 2:08 p.m. in Stockholm. That pares the shares’ 12-month decline to 37 percent, valuing the Lund-based company at 227.5 million kronor (USD $35 million).”
“Starting in 2013, and with expected increases over the next years, we see a widespread use of fingerprint technology in mobile devices both for businesses and everyday use,” Marschall said. “For this to happen it is critical that the technology is able to process even those fingerprints which it has previously been difficult or impossible for biometric devices to read. Precise Biometrics is able to offer this level of performance which is why a customer of such global prominence has felt confident in choosing our solution.”