NEXT Biometrics signs MoU for a new Product with Partner ACPL

31 Oct 2024 08:30 CET

NEXT Biometrics (NEXT), and its long-term partner Access Computech Pvt. Ltd
(ACPL) has signed a Memorandum of Understanding (MoU) to develop a new product
jointly. The MoU also includes a commitment by ACPL to place purchase orders
amounting to at least 35 MNOK over a period of 18 months.

The new product is an integrated module, targeting the growing government ID
market and different national ID programs in Asia, South America and Africa.
This new integrated module, targeted to be sold in government ID markets with a
particular focus on countries in Asia and Africa, will be developed based on the
Aadhaar and MOSIP national identity system requirements. As NEXT will be
integrating additional functionalities into this new product, it will also have
a higher ASP. The parties are targeting product launch and first delivery of the
new product late 2025.

Digvijay Singh Kanwar, Senior Vice President and Head of Sales for India, US,
EU, and Africa, at NEXT, expressed his enthusiasm: “By signing this MoU and
developing the new product we get access to the world’s largest biometric
markets. We are bringing first of its kind technology advancement in liveness
detection in a slim form factor for the Authentication industry.”

Mr. Singh Kanwar further explains the estimated operational implications this
strategic product development could bring.
“This accelerates our entry into new markets and enable NEXT to reach higher
shipment volumes in late 2025 and beyond. As we also plan to sell this product
to our other customers in India and world-wide, such sales will provide
additional potential revenues. Hence, we believe this product alone could
potentially provide NEXT with 35-90 MNOK in revenues per year, effective from
2026.”

Over the next quarters, NEXT will design and develop the hardware and software
for the product that is to be marketed to OEMs and governments in Asia and
Africa.

Ajay Sinha, Managing Director of ACPL, emphasized the strong trust and already
existing product synergies between the parties: “For over a year now, we have
been using and first-hand experienced the strong performance of NEXT´s flagship
sensor FAP20 in our product across India. I am impressed by the liveness feature
of it, which functions as a built-in anti-spoof procedure in the device.”

After signing of the MoU, its targeted to have a commercial agreement where ACPL
will place an initial purchase order commitment of 35 MNOK, which is to be
shipped 18 months following certification of the product. Certification will be
done by ACPL, and the product will be sold world-wide.

For more information, please contact:

Ulf Ritsvall
Chief Executive Officer, NEXT
ulf.ritsvall@nextbiometrics.com
Eirik Underthun
Chief Financial Officer, NEXT
eirik.underthun@nextbiometrics.com

About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised
security and accuracy for the best possible user experience in the payment and
fintech, government ID, access control and office and notebook markets. The
company’s patented NEXT Active Thermal ® principle allows the development of
large, high-quality fingerprint sensors with superior security level. NEXT
Biometrics Group ASA is headquartered in Oslo, with sales, support, and
development operations in Seattle, Taipei, Tokyo, New Delhi and Shanghai.

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