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.
IDEX will have a particular focus going forward on fully aligning and reenergizing the organization, with clearly defined OKRs for each individual. Also, IDEX will place great emphasis on improving communication with shareholders, with increased transparency and ongoing status reports on the Company’s commercial roll-out.
ABOUT THIS NOTICE
This information in this stock exchange announcement is considered to be inside information pursuant to the EU Market Abuse Regulation and is published in accordance with section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was issued by Erling Svela; VP Finance, on 11 March 2025 at 07:25 CEST on behalf of the Company.
FOR FURTHER INFORMATION, CONTACT:
Marianne Bøe, Head of Investor Relations, + 47 91800186
Kristian Flaten, CFO, +47 95092322
E-mail: ir@idexbiometrics.com (mailto:ir@idexbiometrics.com)
ABOUT IDEX BIOMETRICS
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
IMPORTANT NOTICE
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.
Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.
