The measures are expected to result in a 20% reduction in headcount with NEXT having approximately 65 full-time employees following the restructuring. Other operating expenses which are not related to near-term revenue generation or critical development activities, will also be scaled down.
“We are committed to creating shareholder value through growth, by becoming more customer centric and selectively investing in market-leading products,” said Peter Heuman, the CEO of NEXT. “We focus on capturing current market opportunities for our biometric solutions, while at the same time seeking to optimize our organization and cost base to extend the financial runway enabling execution of our long-term plans”.
The measures were largely implemented in the fourth quarter of 2019 and are expected to yield annual cost saving of minimum NOK 20 million with full effect from the first quarter of 2020.
About NEXT Biometrics:
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets. The company’s patented NEXT Active Thermal™ principle allows the development of large, high quality fingerprint sensors in both rigid and flexible formats. NEXT Biometrics Group ASA (nextbio.eternitygroup.dev) is headquartered in Oslo, with sales, support and development operations in Seattle, Silicon Valley, Taipei, Prague, Bengaluru and Shanghai.