Swedish fingerprint solutions firm Precise Biometrics has entered an extended software license and distribution agreement with an unnamed sensor customer for its mobile fingerprint algorhym.The company's rose over 15% on the news on the detail, which the firm says will guarantees total license revenues of a minimum of 17.5 million SEK ($1.9 million) during 2017 and 2018.The deal revolves around the use of Precise Biometrics' algorithm solution for fingerprint recognition in mobile devices, Precise BioMatch Mobile. In a statement, the firm said the extended licensing agreement includes a fee of 17.5 million SEK for a set number of licenses of Precise BioMatch Mobile over a two-year period and replaces the existing agreement during this period, which guaranteed revenues of 1.5 million for the right to use Precise Biometrics software.The revenue from the new agreement will be recognized evenly during 2017 and 2018.”We are pleased to have entered this agreement that further strengthens the cooperation with our customer while securing substantial revenues over the coming two years. This agreement underlines the growth in the market and validates our position as the leading supplier of fingerprint software” said Håkan Persson, CEO of Precise Biometrics.Nasdaq Stockholm briefly suspended trading in the company amid the soaring price, it has since resumed.
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