Extended licensing agreement guarantees almost $2M US for Precise Biometrics
Precise Biometrics has entered into an extended software license and distribution agreement with an existing sensor customer that guarantees minimum total license revenues of 17.5 million SEK ($1.98M USD) during 2017 and 2018 for the use of Precise BioMatch Mobile.
Precise BioMatch Mobile is a patented hybrid algorithm solution optimized for small fingerprint sensors and platforms with limited processing power and memory space.
The extended licensing agreement includes a fee of 17.5 million SEK for a set number of licenses of Precise BioMatch Mobile over a two-year period and replaces the existing agreement during this period, which guaranteed revenues of $1.5 million for the right to use Precise Biometrics software.
Revenue from the new agreement will be recognized evenly during 2017 and 2018. The agreement may generate additional revenues provided that the customers’ sales volumes exceed the set volume in the agreement.
“We are pleased to have entered this agreement that further strengthens the cooperation with our customer while securing substantial revenues over the coming two years,” said Håkan Persson, CEO of Precise Biometrics. “This agreement underlines the growth in the market and validates our position as the leading supplier of fingerprint software.”