LUND, Sweden, July 12, 2001 (PRIMEZONE) -- Precise Biometrics AB (SSE:PREC), Europe's leading biometric company, announced today that they have acquired all Intellectual Property related to fingerprint matching on smart cards, Match-on-Card, belonging to Veridicom.
Through the acquisition, Precise Biometrics complements its existing intellectual property for Match-on-Card and becomes the instant leader in combining smart cards and fingerprint authentication for securing Internet transactions.
Introduced on the market during 2000, the Match-on-Card technology has enjoyed market acceptance very fast and several of Precise Biometrics customers are using Precise Match-on-Card(TM), including ActivCard, a leader in digital identity technology, and the European IT security company, Utimaco. The acquisition is strengthening Precise Biometrics position as the market leading biometric company.
"The Match-on-Card technology is essential for all large smart card projects where biometric authentication is required. The Common Access Card, to be deployed to 4 million employees at the US Department of Defense, national ID cards and smart cards for the financial market, are examples of such projects. Biometric security for 3G mobile terminals is also an area where this technology is required. By the acquisition Precise Biometrics is now more prepared than ever for projects like these," says Marten Oebrink, CTO of Precise Biometrics.
"Precise Biometrics is one of our strategic partners and a valued customer. Both companies had made significant developments in the area of Match-on-Card where smart card contents are released only upon authenticating a person's identity by using the processor on the smart card using an enrolled fingerprint resident on the same smart card. Our decision to sell Match-on-Card related IP to Precise consolidates that activity and gives Precise a very strong position in the biometrics industry. We are very pleased to be able to work with them and anticipate a wide and rapid deployment of this technology," says Naeem Zafar, Vice President of Sales and Marketing for Veridicom.
About Precise Biometrics
Precise Biometrics develops and sells biometric fingerprint solutions for IT Security, Embedded Solutions and Physical Access. These solutions provide the company's customers with high security at a low cost. In particular, e-commerce, e-banking and the exchange of sensitive documents over the Internet require a method of user authentication that can be relied on without question. The Company's unique Precise Pattern Matching and Match-on-Card (TM) technologies provide reliable proof that people are who they claim to be. Precise Biometrics is a leader in biometric security solutions and the company's mission is to become the key supplier in the international arena. Founded in 1997 in Lund, Sweden, Precise Biometrics has offices in Sweden and in Washington DC, USA. The company's stock is traded on the Stockholm Stock Exchange (PREC). For additional information, please go to www.precisebiometrics.com.
About Veridicom
Veridicom, Inc. is the leader in fingerprint-based technologies and services that enable trusted e-business transactions across networks, intranets and the Internet. The company's extremely accurate silicon fingerprint sensors and peripherals, advanced recognition algorithms, and authentication software allow users to conduct business on-line without fraud or fear. Veridicom, the first technology spin-off from Lucent/Bell Labs, is delivering solutions with a distinct advantage over other authentication technologies that rely on passwords and personal identification numbers (Pins) that can be lost, forgotten or stolen. Veridicom's fingerprint sensors are being included in laptops, keyboards and mobile phones to provide secure authenticated access to the authorized users. Veridicom works closely with a growing list of vendors and systems integrators to provide network security solutions for Fortune 1000 companies around the world.