FORNEBU, NORWAY and SAN FRANCISCO, CALIFORNIA 23 July 2009 -- IDEX ASA
(IDEX) and Validus Technologies Corporation (Validus) are pleased to announce that they have entered into a strategic commercial licensing agreement for use of IDEX’s patented SmartFinger® technology in Validus’ new generation of patented biometric powered cards (VALIDcard™).
FORNEBU, NORWAY and SAN FRANCISCO, CALIFORNIA 23 July 2009 -- IDEX ASA (IDEX) and Validus Technologies Corporation (Validus) are pleased to announce that they have entered into a strategic commercial licensing agreement for use of IDEX’s patented SmartFinger® technology in Validus’ new generation of patented biometric powered cards (VALIDcard™).
Validus designs, manufactures and offers a strong authentication solution that combines OTP (One Time Password) and fingerprint biometrics within the convenience of a card form factor. When the registered user swipes a finger over the VALIDcardTM’s embedded fingerprint sensor an OTP is generated and displayed on the card. The OTP and can also be transmitted by contact and contact-less Smart Card technologies, among other radio frequency technologies.
Identity theft has reached critical mass in most all market verticals worldwide. Biometric powered cards, patented by Validus, offer an unsurpassed solution for identity verification in physical and remote scenarios. Incorporation of IDEX’s SmartFinger® technology into Validus’ new generation of VALIDcard™, will become an interoperable platform with most all infrastructure and identity verification applications worldwide.
“The market opportunity is immense”, said Ralph W. Bernstein, CEO and CTO of IDEX, “we are confident that the partnership with Validus will trigger off commercial breakthrough for both companies.”
The VALIDcard™ will find its applications in a large number of markets including national ID, banking and financial services, physical access control, IT security and military. The global volume of the selected market verticals mentioned is currently estimated to amount to 9 billion cards.
“We are very enthusiastic about the strategic license agreement with IDEX”, said Travis McGregor, CEO of Validus, “as their SmartFinger® technology fits perfectly to our product and market road-map and their business model is an ideal match to our requirements.”
The license agreement comprises fixed license fee payment, technology transfer and volume based royalties.
About Validus Technologies Corporation
Validus is a technology development and solution provider in the area of security and authentication, with a specific focus on combating identity theft and cyber crime. Validus’ flagship product, the patented VALIDcard™, is a strong biometric authentication device designed to prevent identity theft while offering a user-friendly experience. In addition Validus offers VALIDsms™, which is fast becoming the new wave of OTP authentication technology to replace non-biometric Hardware Tokens as the lowest cost OTP authentication solution available.