FB pixel

EyeLock signs iris biometrics distribution deal with GalvanEyes

VOXX’s subsidiary will be in the partnership for four years
EyeLock signs iris biometrics distribution deal with GalvanEyes
 

EyeLock has entered a new exclusive distribution agreement for its iris biometrics with GalvanEyes to target domestic real estate and government markets, and specific international markets.

Following the beginning of the collaboration, GalvanEyes will become the exclusive distributor of EyeLock biometric products in the EU, Switzerland, Puerto Rico, Malaysia, and Singapore.

The agreement will also grant GalvanEyes exclusive distribution rights in the U.S. for the residential real estate market and specific U.S. Government agencies, as well as non-exclusive distribution rights in all other territories and verticals.

In exchange for the distribution rights, GalvanEyes will pay EyeLock $10 million with an annual fee of up to $5 million, and payments made quarterly.

For context, EyeLock is a Voxx majority-owned subsidiary, while GalvanEyes operates as a Florida limited liability company (LLC) managed by Voxx’s largest shareholder, Beat Kahli. Voxx entered into a standstill agreement with Avalon Park International and Kähli Holding AG, Kahli’s holding company, in November as Kahli and affiliates considered acquiring a stake in EyeLock.

“From the onset of our process, we had been looking to bring on a strategic partner to help move EyeLock technology into untapped markets quicker,” commented Pat Lavelle, president and CEO of Voxx. “With Beat Kahli and the team assembled, we have achieved that goal, while maintaining the upside we believe EyeLock possesses for our shareholders. This strategic alliance will also substantially reduce VOXX’s cash burn and EyeLock’s EBITDA loss.”

According to the executive, both acceptance rates and uses of biometrics are becoming more widespread at a global level, and among biometric modalities, iris recognition is the most secure.

This translated to an increase in revenue for EyeLock in 2020, as well as an expansion strategy that allowed the company to recently update its iris biometric solutions for access control.

“We have been working closely with several companies over the past few years and believe we are on the cusp of more widespread adoption,” Lavelle explained.

“With GalvanEyes as our strategic partner, we expect to see new opportunities emerge, especially given their vast customer network and knowledge of our solutions, after rigorous due diligence. This has been a great working relationship to date, and we look forward to continuing to build value for EyeLock’s customers and all VOXX shareholders.”

Article Topics

 |   |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

World Economic Forum looks to get a GRIP on global regulatory environment

A new piece written by the World Economic Forum (WEF)’s head of digital inclusion, Kelly Ommundsen, looks at the gap…

 

Respected legal authority frames age assurance legislation as segregation, suppression

Language plays a fundamental role in how concepts and technologies are introduced into and evolve alongside society. The debate over…

 

New high scores in fingerprint biometrics accuracy for Dermalog, ROC, Innovatrics

New algorithms submitted to the U.S. National Institute of Standards and Technology for its Proprietary Fingerprint Template (PFT) Evaluation have…

 

Australia’s safety code for search tools takes effect, with age verification rules

Like its counterparts in the EU and UK, Australia’s digital regulator is beginning to formalize its online safety codes. The…

 

Age verification coming to major video game mod site in EU, UK

Want to make sweet love to that frost giant who lives in the fjord? You may have to prove your…

 

Ecuador upgrades border ID verification with Regula forensic devices

Ecuador is upgrading its border identity verification systems by deploying a range of Regula’s ID document examination devices. The deployment…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events