Idex’ $1.75M deal with ID Centric for biometric payment cards back on

Singapore and Malaysia-based ID Centric will build fingerprint sensors from Idex Biometrics into its biometric payment cards through a $1.75 million initial binding purchase order that replaces a more elaborate near-agreement that would have seen the former become a major investor in the latter.

Under the new agreement, Idex becomes the exclusive supplier of biometric technology for ID Centric’s card portfolio, and the companies are planning comprehensive coordination on technology development, product strategy and go-to-market execution, according to a new announcement.

Idex and ID Centric announced a proposed private placement in April that included a NOK 90 million Norwegian kroner (approximately US$9.7 million) investment in Idex for a 20 percent stake, along with an initial order of fingerprint sensors under terms agreed to in March and consistent with those of the new announcement.

Deliveries were scheduled to begin in April, though the agreement was announced May 8.

Idex booked only $254,000 in revenue during fiscal 2025. Therefore, while the company replaced the proposed financing from ID Centric with NOK 20 million ($2.2 million) from CEO Anders Storbråten and board member Robert Keith, bringing in significant revenue by selling its inventory of biometric sensors represents an important step towards restoring Idex’ fiscal balance.

Article Topics

biometric cards  |  biometric payments  |  biometrics  |  fingerprint sensors  |  ID Centric  |  Idex Biometrics