Foxconn invests in Norwegian Next Biometrics

Foxconn will invest in the upcoming Next IPO in June 2014, and will also explore opportunities for use of Next technology within a range of key Foxconn business areas. Next intends to raise new equity through an initial public offering (IPO) with a subsequent listing on Oslo Stock Exchange. Foxconn supports the planned IPO by subscribing to shares for an amount totaling NOK 30 million (roughly EUR 3.7 million), at the final IPO share price. Foxconn will have the right to further investments of up to NOK 30 million (roughly EUR 3.7 million). To fully earn this right, the agreement requires Foxconn Group purchases of a significant volume of sensors over the coming three years. Further, Next and Foxconn have signed a non-binding memorandum of understanding defining a number of business areas in which the parties and their respective group companies will explore opportunities for industrial synergies. “Being the world leader in it´s field, Foxconn have followed the emerging fingerprint sensor industry closely over the years. The list of fingerprint relevant products manufactured by Foxconn is significant. Therefore we are obviously extremely pleased being able to sign such an agreement, where we have the corporate support of Foxconn, both financially and industrially. Next has now started mass delivery of our unique fingerprint sensors. The Foxconn deal and the upcoming IPO will secure a strong basis for us to achieve our 2014 and 2015 targets, comments CEO Tore Etholm-Idsøe,” said Tore Etholm-Idsøe, CEO of Next Biometrics. The contemplated IPO will take place in June 2014.