Comment from CEO
“Egis and Precise have collaborated since 2019 and jointly captured market share in a competitive market. Egis’ willingness to invest in Precise is evidence of our strong customer offering and our global excellence in biometric solutions. This will further strengthen our ability to deliver on our growth strategy. The deepened level of cooperation that the investment entails will further strengthen our existing product development and our opportunities to expand our business within Algo over time, also to new verticals. Furthermore, the investment will enable us to capitalize on the growing market for Digital Identity, including by allowing Egis to contribute to the development of our commercial and technical customer offering.
With a significantly strengthened financial position, I look forward to welcoming Egis as a new shareholder in Precise and I am at the same time very pleased that we enable our existing shareholders to be part of the next phase of the company’s journey through the rights issue on the same terms as Egis”, says Patrick Höijer, CEO, Precise Biometrics.
About Precise Biometrics
Precise Biometrics AB (publ) (“Precise”) is a global identification software provider, offering products with a range of application for identification in a convenient and secure way. Precise offers products with various applications that enable individuals to identify themselves by using biometrics. Precise operates through two product areas: Digital Identity, which enable identification for physical access through biometrics (e.g., fingerprints, heart rate, facial and iris recognition) and Algo Software systems which is a leading embedded software for fingerprint recognition meeting various needs in smartphones, smart-lock doorhandles, and various applications in cars. The solutions are delivered to several corporate customers and government organizations on a local and global level, where the technology is licensed to a large proportion of users.
- Growing digitalization requires increased security – a growing ecosystem of digital ID’s enables identifications through biometrics (e.g., fingerprint, facial recognition), which increases security since cards and keys can be dropped, stolen, skimmed etc.
- Business area Digital Identity (YOUNiQ) was started in 2019, >70 installations globally across several industries implying significant upside potential. Business area Digital Identity operates through a SaaS revenue-model, simplifying onboarding and integration of costumers.
- Successful acquisition of EastCoast Solution during the fourth quarter of 2021 adding 600 customers in Sweden, which strengthens Precise’s position in existing markets and increases the recurring revenues from the SaaS-model.
- A strong growth strategy to accelerate expansion of the Digital Identity business area and thereby the SaaS-model, through product development, strategic partnerships, increased operational investments and a Buy-and-Build strategy.
- The other business area, Algo, was started in 1997, making Precise one of the frontrunners within algorithms for fingerprint recognition. Today, Precise has software implemented in over 300 different smartphone models, providing over 100,000 verifications every second.
- In addition to fingerprints for smartphones, Precise is also active in smart cards and recently in the vehicle industry as well (through its first commercial license agreements with two Original Design Manufacturers, ODMs, signed in the end of December 2021).