Precise Biometrics enters licensing agreement with Korean sensor manufacturer MELFAS
Precise Biometrics has entered into a commercial software license and distribution agreement with Korean sensor manufacturer MELFAS for the licensing 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 agreement includes a per unit license fee, an annual fee for the right to use Precise Biometrics algorithm solution and a fee for support and maintenance. Initial revenues generated under the agreement will be recognized starting from the second quarter of 2017. The per unit license fee is volume dependent and cannot be forecasted by Precise Biometrics at this point.
Earlier this month, Precise issued its annual report for 2016, outlining a positive vision of the company’s future with a 73 percent sales growth compared to 2015.