Precise Biometrics has entered into a commercial software license and distribution agreement with InvenSense for the licensing of Precise Biometrics' algorithm solutions for fingerprint recognition, Precise BioMatch Mobile and Precise BioMatch Embedded. The agreement includes a per unit license fee, an annual licensing fee for the right to use Precise Biometrics algorithm solutions, and an annual fee for support and maintenance. While the per unit license fee is volume dependent and cannot be forecasted by Precise Biometrics at this point, the company says it is currently projecting that some of the revenue generated under the agreement will be recognised starting from the fourth quarter of 2016. "We are pleased that InvenSense has chosen our fingerprint software to provide the best user experience and security of its ultrasonic fingerprint solutions. The cooperation strengthens our position as the leader in fingerprint software," says Håkan Persson, CEO of Precise Biometrics."The strong market presence of Precise Biometrics' fingerprint software makes it the perfect biometric authentication partner to bring our ultrasonic-based fingerprint solution to market. This cooperation coupled with our ability to sense fingerprints under glass, metal and plastic will enable us for both mobile and embedded markets," says Eitan Medina, VP of Marketing, InvenSense.
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