Precise Biometrics announces new strategy to reach profitability during 2015
Precise Biometrics announced it is focusing the operations in order to reach profitability during 2015 by boosting its market presence in fingerprint technologies, making more efficient use of its partner network for the sale of Tactivo, and reducing its operating expenses.
The company will expand its development, market presence and sales efforts with a predominant focus on Asian mobile phone manufacturers to strengthen its position in the market for fingerprint technology in mobile devices.
“We maintain a close dialogue with the major players in this area and we are well positioned for the anticipated expansion of fingerprint readers in mobile devices,” said Håkan Persson, who was appointed CEO of Precise Biometrics in June.
With a growing demand for Tactivo, specifically from the European corporate sector, Precise said it will continue to build on its partner and distribution network for cost effective sales of Tactivo towards the U.S. government, European companies and agencies, and the healthcare sector in Sweden and in the UK.
“Our network, of carefully selected partners, enables wide and cost effective sales and distribution of Tactivo combined with concrete business solutions for end users,” said Persson. “We see a great need for Tactivo in the market and we will continue to expand the cooperation with our partners as well as develop our product offering in line with Apple’s roadmap.”
The company has also partnered with several technology and solution vendors, including Good Technology, AirWatch and Citrix, who are providing mobile access with Tactivo.
Precise said that the future demand for the business area of desktop and physical access solutions will remain unchanged, and will continue to deliver solutions to its existing customers.
Meanwhile, the company’s operating expenses are expected to drop by approximately SEK 15-17 million a year, which will be fully realized in 2015.
Precise Biometrics said the changes, which will be implemented in September, will impact consultants and employees. The changes will result in restructuring expenses of approximately SEK 6 million in the third quarter 2014.
As part of its new strategy, Precise Biometrics CFO Patrik Norberg and corporate counsel Anna Herdenberg will leave the company. The company has not yet appointed a successor to the CFO.