FB pixel

Next’s busy fall: New debt funding, new India buyer, new CEO

Next’s busy fall: New debt funding, new India buyer, new CEO
 

Sensor maker Next Biometrics says it has raised gross proceeds of NOK 60 million in a private placement – debt financing – intended to enliven its operations and prepare for expected new orders.

The Sweden firm makes large-format, slim fingerprint sensors. Next shares on the Oslo Bors hovered on the news, trading slightly up in historically light volumes.

There are formalities yet to be resolved, but the company’s board has allocated 12 million shares at NOK 5 (US$0.47) per share. Net proceeds will be less than NOK 60 million ($5.6 million).

In a statement carried by stock news publisher MarketScreener, executives said the placement will “ensure healthy balance sheet and meet working capital requirements due to substantial orders.”

Earlier this month, they announced that they had signed a multi-year FAP20 sensor order valued at NOK 15 million ($1.4 million) with an unnamed new customer in India. The debt is expected to help Next get the first shipments out in the second quarter of 2024.

Also this month, Next signed a contract valued at NOK 18 million ($1.6 million) for FAP sensors. The buyer was identified as XM Holder, a Chinese electronics distributor. Next signed a sensor sales contract with XM in August 2022.

Ulf Ritsvall, senior VP of sales and marketing, said the sensor has been approved for integration with India’s Aadhaar program. Security requirements for Aadhaar systems have been strengthened, requiring relevant vendors to meet the program’s so-called L1 certification.

Ritsvall takes over as Next CEO October 1.

Article Topics

 |   |   | 

Latest Biometrics News

 

Digital identity leaders shepherd wallets into the mainstream

Discussion and debate at the European Identity and Cloud (EIC 2024) conference focused largely on how to achieve trust among…

 

Suprema, Strata Identity, Gunnebo gain security certifications

Recent certifications for Suprema, Strata Identity, Gunnebo and ISS reflect the broader industry trend towards stringent information security measures, ensuring…

 

Biometrics entering everyday activities via rising technologies

Biometrics underpin the new technologies that people will soon use on a daily basis for everything from payments to age…

 

Anticipation for Metalenz and Samsung’s answer to Face ID mounts

After Samsung and Metalenz collaborated to incorporate Samsung’s Isocell Vision 931 image sensor into Metalenz’s Polar ID imaging technology, Mashable…

 

Germany beefs up border security ahead of UEFA Championship

Germany has been ramping up security measures such as border checks and CCTV surveillance in preparation UEFA European Football Championship…

 

Inverid and Cybernetica team up to secure digital ID, signatures with biometric MFA

A new partnership has been formed by Inverid and Cybernetica to combine the NFC ID document-scanning capabilities of the former…

Comments

Leave a Reply

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

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events