Precise Biometrics Jumps After U.S. Approval: Stockholm MoverToby Alder
Precise Biometrics AB, a Swedish fingerprint log-in technology provider, rose to the highest level in two weeks in Stockholm trading after its mobile smart card reader was certified by the U.S. government.
Precise Biometrics jumped as much as 12 percent to 1.83 kronor, the highest price since April 2, and traded 9.8 percent higher at 1.79 kronor as of 9:50 a.m. local time. The stock has more than doubled so far this year, valuing the Lund-based company at 473.5 million kronor ($74.2 million).
The approval of Precise’s smart card and fingerprint reader Tactivo from the U.S. Government Services Administration allows agencies to comply with upcoming mandates requiring all employees to use personal identity verification, or PIV, to access information.
“This certification is of tremendous importance for all PIV related purchases by government agencies and contractors,” Precise Biometrics Chief Executive Officer Thomas Marschall said today in a statement. “Being the first and only certified mobile smart card reader supports our sales ambitions in this field as it will also help all of our partners in their sales efforts.”
Precise Biometrics manufactures fingerprint security solutions for identity cards and credit cards that are only stored on the card and not in a data base. The company has said previously that demand for its products has grown after the Sept. 11 attacks, with nearly half of its annual sales coming from North America, according to data compiled by Bloomberg.