IDEX BIOMETRICS ASA
Oslo, Norway, 11 March 2025
Following the lack of revenues and low number of revenue-generating agreements secured in Q4 2024, the board of directors (“Board”) of IDEX Biometrics ASA (“IDEX”) has undertaken a strategic review, following which the Board has concluded on a new strategy, with a fundamental shift in how IDEX will take its technology and products to market.
The review has concluded that IDEX has unique competitive advantages in its biometric Access technology (IDEX Access) and is optimally positioned to offer customers and new and existing channel partners a complete and ready to go product line. Government security agencies worldwide recommend everybody to upgrade their physical and digital security. It is believed that no other company can deliver an access product with IDEX’s level of security without compromising the individual’s right to its own fingerprint.
Moreover, IDEX Access is not subject to outside market adoption and dependencies on third-party involvement and determination to the same degree as other market segments pursued by the Company and, as such, is seen as a better way to monetize IDEX’s technology in both the near future and long-term, with IDEX taking full control of the product, customer journey and pricing.
IDEX will have full focus on bringing a world class Access biometric product, the IDEX Multiuse Access Card (logical and physical), to the commercial market, with anticipated launch in Q3 2025. Further details will be communicated and shared as soon as possible.
While shifting the commercial focus more towards the access market; IDEX will continue to harvest from its long-standing efforts in, monitor and maintain a position in the Pay market.
In parallel with this change in business strategy, the Board has decided to change management. Catharina Eklòf will step down immediately as Chief Executive Officer. The Board is delighted to announce that it has appointed Anders Storbråten as the new CEO. Anders is affiliated with Altea AS, one of the larger shareholders in IDEX, and his background and qualification include NTNU, Industrial Engineering and Technology (Indøk) in Trondheim, Norway and Royal Institute of Art & Technology (KTH) Stockholm Sweden, investment banker at the technology teams of JPMorgan and Goldman Sachs, serial entrepreneur and long track record of both restructurings and scaling technology companies internationally. Anders Storbråten has worked internationally and lived more than 20 years abroad.
The restructuring will also involve organizational and budgetary changes, which includes a reduction in the cost base, both internally and externally. Commercial and technological resources will be (re)allocated to what the new management sees as the best return on investment.
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