Oslo, April 27, 2023 – NEXT Biometrics (Oslo Bors: NEXT), signs MoU with an additional Partner in India. The MoU includes a Purchase Order commitment of USD 1.4 million at signing of the final commercial agreement.
NEXT Biometrics has signed a MoU for a long-term partnership agreement with an additional partner in India. The partner will integrate NEXT FAP20 flagship sensor in its own devices and secure its own certification with local authorities in India. The partner forecasts annual device production corresponding to NEXT sensor shipments of USD 1.4-2.8 million per year.
The main agreements in the MoU that will be incorporated into the final commercial agreement are:
- A multi-year FAP20 commercial long-term partnership agreement, between 2-5 years.
- At signing of the commercial agreement, the partner will place an initial PO of USD 1.4 million.
- Long-term volume pricing, delivery terms and shipment schedule to be agreed in the final commercial agreement.
- The Partner will design in NEXT FAP20 sensor into their own products and secure its own local certification in India.
- The partner will be provided certain rights to sell their certified product to other OEMs both in India Aadhaar ecosystem as well as outside India.
“Adding additional local authentication OEMs in India for a long-term FAP20 partnership agreement is in line with NEXT’s ambition to expand in the world’s largest biometric market. It also proves our competitive advantage in this attractive market”, says Ulf Ritsvall, SVP Sales & Marketing of NEXT Biometrics.
NEXT estimates to reach a final commercial agreement with this new partner before end of Q3 2023.
”With this MoU, NEXT demonstrates, its strong ambition, in accelerating our updated Go-To-Market strategy in India. NEXT will continue its efforts adding product manufacturers and partners with strong local presence. This will enable us to reach a higher market share in a cost-effective way”, says Ulf Ritsvall.
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, Taipei, Bengaluru and Shanghai.
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