Oslo, September 20, 2023 – NEXT Biometrics (Oslo Bors: NEXT) has signed a multi-year, commercial agreement with a new OEM customer in India. At signing the customer placed its first order of FAP20 sensors. The order value is NOK 15 million, and deliveries are expected to begin by end Q1 2024.
NEXT continues to strengthen its position as a trusted technology partner in the Indian biometric market. The company today signed a commercial agreement with an additional OEM customer in India. The customer plans to certify and launch its biometric product, featuring NEXT’s flagship sensor, FAP20, during the second quarter 2024.
”We continue adding local partners to increase our market share in India, the world’s largest biometric market. I believe todays customer and their order demonstrates the strength of our technology. Market demand is increasing for our NEXT FAP20 sensor, previously certified by FBI and recently also approved within the India’s Aadhaar L1 program”, says Ulf Ritsvall, Senior Vice President, Sales and Marketing at NEXT.
As previously announced, the Indian government is upgrading India’s biometric and digital ID services program, Aadhaar, to the next generation security standard. Thus, as per June 2023, all devices to be used within the ID program must now meet new, stricter security requirements and be certified according to Aadhaar’s L1 certification level.
”I am pleased that we have secured yet another important partner in India. NEXT is now even better positioned in reaching its goals and todays NOK 15 million order will strengthen NEXT on its growth trajectory. As soon as our new customer has certified its product, the order will start generating recurring revenues for us”, explains 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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NEXT Investor contact:
Ulf Ritsvall, ulf.ritsvall@nextbiometrics.com
Eirik Underthun, eirik.underthun@nextbiometrics.com