Fingerprint biometric identification software and technology firm BIO-key has completed a strategic technology license agreement with China's Goldjoy Group and certain investors.The partnership includes purchase agreements in connection with a $10.5 million private placement of convertible preferred equity with a wholly-owned indirect subsidiary of CGG and a third investor, and an additional $550,000 investment in its Series A-1 Convertible Preferred Shares.BIO-key wrote in a statement that its strategy is to leverage its biometric matching solutions and WEB-key secure biometric cloud transport offerings along with the mobile and online payment technologies licensed from subsidiaries of CGG.In conjunction with the private placement transactions, BIO-key Hong Kong has secured a commercial license to a portfolio of mobile and online payment and security software technologies from certain subsidiaries of CGG for a one-time payment of $12 million.Mike DePasquale, Chairman & CEO of BIO-key, commented, “Today's strategic investment and licensing agreement substantially strengthens our technology solutions portfolio to aggressively pursue sales and business development opportunities in new markets on a global basis. This along with our recent $8.45 million capital raise allows us to enhance the capabilities of other BIO-key solutions while developing new turnkey hardware/software products.””Importantly, BIO-key has been actively supporting sales and marketing efforts for CGG's FingerQ mobile security products which utilize our biometric technology. We have already closed our first joint FingerQ solution sale for an International mobile payment application,” continued DePasquale.Yao Jianhui, Chairman and Chief Executive Officer of CGG, said, “Substantial synergy exists between our respective companies and technologies that together make us stronger competitors on the global stage. Our strategic, financial and license partnership enables research, development and sales and marketing efforts while also expanding our respective technology and customer reach. We are pleased to strengthen our involvement with BIO-key and initiate our strategic investment in the Company.”Under the software license purchase agreement, BIO-key has secured exclusive rights to CGG's subsidiaries' development software and source code for point-to-point identification using biometric encryption and decryption technologies protected by CGG's subsidiaries' FingerQ product patent portfolio.This portfolio includes 16 patents focused on, among other things, mobile payment systems and mobile payment methods based on biometric authentication as well finger print authentication systems and a finger print authentication method based on NFC. The license arrangement also allows BIO-key to create new, innovative solutions to address the growing demand for secure mobile transactions. BIO-key will be exhibiting at connect:ID 2016, 14-16 March, Washington DC. connect:ID is an international conference and exhibition that focuses on all aspects of identity technologies and the opportunities for their management in both the physical and digital worlds. http://www.connectidexpo.com