Revolutionizing Security and User Experience: Smart Eye AB Licenses Iris Recognition Technology from Fingerprint Cards AB for 50 MSEK in Strategic Partnership
GOTHENBURG, SWEDEN / ACCESSWIRE / January 6, 2025
Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) today announced that it has entered into an agreement to license the iris recognition technology from the Swedish company Fingerprint Cards (Fingerprints) listed on Nasdaq Stockholm, for a total consideration of SEK 50 million plus VAT. The consideration consists of an initial fixed license fee of SEK 23 million plus VAT payable in Smart Eye shares, an additional up to SEK 17 million plus VAT divided into two milestone payments, the first payable upon Smart Eye being awarded its first design win incorporating any part of the iris recognition asset, and the second payable upon the first SOP (Start of Production), marking the transition to manufacturing readiness and finally a maximum of SEK 10 million plus VAT in royalty payments based on Smart Eyes sales within the automotive industry.
Impact on Individuals
This strategic partnership between Smart Eye AB and Fingerprint Cards AB signifies a significant development in the field of security and user experience. With the incorporation of iris recognition technology, individuals can expect a more secure and seamless authentication process. The use of iris recognition technology is known for its accuracy and reliability, offering individuals a high level of security for their personal data and information. This partnership will revolutionize the way individuals interact with technology, providing a more personalized and secure user experience.
Impact on the World
The collaboration between Smart Eye AB and Fingerprint Cards AB is set to have a wide-reaching impact on the world. By integrating iris recognition technology into various industries, including automotive, the partnership will enhance overall security measures and user experiences on a global scale. As technology continues to advance, the adoption of innovative security solutions like iris recognition will help safeguard critical information and streamline processes in different sectors. This strategic alliance sets a new standard for security and user authentication worldwide, paving the way for future developments in the field.
Conclusion
In conclusion, the licensing of iris recognition technology from Fingerprint Cards AB by Smart Eye AB for 50 MSEK marks a pivotal moment in the advancement of security and user experience. This strategic partnership will not only benefit individuals by providing a more secure and personalized authentication process but will also have a significant impact on the world by revolutionizing security measures across different industries. The integration of iris recognition technology signifies a major step forward in technological innovation and sets the stage for a more secure and user-friendly future.
