Norwegian fingerprint sensor manufacturer IDEX has acquired a US$4.5 million software algorithm and patents from a US software developer that the firm believes will give it a competitive edge in the increasingly competitive field of biometric sensors.IDEX says the “world-leading software algorithm and key patents” it has taken ownership from Metadyne Software will enable it to deliver “significantly enhanced security and user convenience for mass market fingerprint sensor solutions [that is] equivalent to Apple Touch ID”.The acquisition includes three valuable patent families for fingerprint ridge matching, with four granted patents, one patent pending and additional patents being filed.The firm said ownership of the algorithm and payments means IDEX can now provide the lowest cost mobile fingerprint product in the market.”Algorithms are an integral part of securely and efficiently matching each touch of the sensor with the set of authorized fingers”, said Dr Hemant Mardia, Chief Executive Officer of IDEX.”Traditional algorithms have relied on large images where a set of minutiae features can be readily extracted and matched. As touch sensors continue to get smaller, more advanced algorithms become critical in order to deliver reliable fingerprint matching performance”.Mardia said the recently acquired algorithm delivers twice the performance of any other algorithm that the company has tested.The agreement to purchase the patents and algorithm software source code is from Metadyne Software is structured as a royalty based transaction . While US$2 million will be paid in cash imminently, a further US$2.5 million is guaranteed through minimum royalty payments over a maximum period of five years.As part of the agreement, the seller, Metadyne Software CEO Roger Bauchspies, is retained as a consultant by IDEX ASA to further enhance the algorithm and Intellectual Property. Bauchspies subscribes for 500,000 shares of IDEX at par value, which shares are contractually restricted shares.
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