World Wide Touch Technology invests $5M in IDEX ASA
Specifically, WWTT has acquired 7,365,060 new shares from IDEX in a private placement, authorized by the company’s board during its AGM earlier this year.
“The investment by World Wide Touch Technology represents an important source of funding for IDEX in order to capitialise on the rapidly developing biometric mass market,” Hermant Mardia, CEO of IDEX said. “We are very pleased to announce a new strategic relationship with one of the early adopters of consumer fingerprint biometrics. WWTT’s recognition of IDEX’s advanced fingerprint sensing technology, together with WWTT’s established market presence and FingerQ product roadmap, is a further important milestone achievement for IDEX.”
FingerQ, a subsidiary of WWTT, manufactures smartphone cases for Android phones with a built in fingerprint scanner.
In 2007, IDEX was granted a license to certain key patents owned by UPEK Inc and they were later assigned to AuthenTec, acquired by Apple last year. Recently, Apple and AuthenTec verified IDEX’s licensing agreement through a notice of so-called “recordal” of the license to key patents in the field of fingerprint sensing.
Early this year, World Wide Touch Technology Holdings placed a significant initial order for 800,000 swipe sensors from Fingerprint Cards.
“In anticipation of the explosive growth in biometrics in the coming years, and to support our FingerQ product roadmap, our investment in IDEX will help us realize our goals,” Kelvin Wong, WWTT CEO said. “IDEX’s advanced fingerprint imaging and recognition technology allows us increased flexibility in product design and development.”