FotoNation Acquires UK Based Smart Sensors Limited
SAN JOSE, Calif.–(BUSINESS WIRE)– FotoNation Limited, a wholly owned subsidiary of fotonation Technologies, Inc. (NASDAQ:TSRA) and the leading provider of computational imaging solutions for smartphones and digital still cameras, today announced its acquisition of Smart Sensors Limited (“SSL”), an award winning developer of iris recognition biometric technology, a transaction that closed in the fourth quarter of 2014.
Over the past 10 years, Smart Sensors has developed tools for iris feature extraction, biometric key creation and fast-matching which operate on many product and processor platforms. The use of biometric authentication and identification systems is rapidly increasing, moving onto mobile computing, notebooks, PCs, tablets and other communications platforms. Iris authentication technology from SSL provides increased device security and eliminates the need for passwords. The technology also authenticates and verifies user presence for e-commerce, and provides secure access control to valuable assets such as physical locations and enterprise networks.
“The iris structure yields five times as many distinct, identifiable features compared to fingerprints,” said Petronel Bigioi, Senior Vice President of Engineering and General Manager, FotoNation. “Smart Sensors’ team of PhD engineers has been focused on developing and improving iris-based biometric systems for over a decade. Integrating their capabilities with FotoNation’s class-leading face detection, tracking and recognition capacities will enable our customers to deliver unique solutions tailored for mobile devices and other high volume products, with exciting opportunities in the growing field of biometric authentication and identification.”
“FotoNation’s complementary expertise and technology portfolio, along with its strong relationships in the smartphone and camera markets, will help us accelerate the adoption of SSL’s technology in high-volume applications,” added Martin George, General Manager of SSL.
Safe Harbor Statement
This document contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected, particularly with respect to the acquisition of SSL. Material factors that may cause results to differ from the statements made include the plans or operations relating to the businesses of fotonation Technologies, Inc. (the “Company”); market or industry conditions; changes in patent laws, regulation or enforcement, or other factors that might affect the Company’s ability to protect or realize the value of its intellectual property; the expiration of license agreements and the cessation of related royalty income; the failure, inability or refusal of licensees to pay royalties; initiation, delays, setbacks or losses relating to the Company’s intellectual property or intellectual property litigations, or invalidation or limitation of key patents; fluctuations in operating results due to the timing of new license agreements and royalties, or due to legal costs; the risk of a decline in demand for semiconductors and products utilizing FotoNation technologies; failure by the industry to use technologies covered by the Company’s patents; the expiration of the Company’s patents; the Company’s ability to successfully complete and integrate acquisitions of businesses; the risk of loss of, or decreases in production orders from, customers of acquired businesses; financial and regulatory risks associated with the international nature of the Company’s businesses; failure of the Company’s products to achieve technological feasibility or profitability; failure to successfully commercialize the Company’s products; changes in demand for the products of the Company’s customers; limited opportunities to license technologies due to high concentration in the markets for semiconductors and related products and smartphone imaging; and the impact of competing technologies on the demand for the Company’s technologies. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. The Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2013, and its Quarterly Report on Form 10-Q for the quarter ended Sep. 30, 2014, include more information about factors that could affect the Company’s financial results. The Company assumes no obligation to update information contained in this press release. Although this release may remain available on the Company’s website or elsewhere, its continued availability does not indicate that the Company is reaffirming or confirming any of the information contained herein.
FotoNation is giving life to computational imaging by merging technology with emotion. With technology in more than 60 percent of global tier-1 smartphones, FotoNation develops technologies that serve the computational imaging space for handsets and cameras, as well as the automotive, surveillance, security, and augmented reality markets. We create, innovate and deliver the next generation of computational imaging algorithms. We engineer new ways to reach the highest possible performance while keeping system requirements to a minimum. We have a long history of innovating and advancing the state of the art in image processing. More than a decade ago, we were the first to integrate a computational imaging solution in an embedded mobile device. Today FotoNation is still the leader in computational photography and computer vision. Nearly two billion digital cameras and smart devices are powered by the imaging technologies designed by the sharp minds and passionate hearts of FotoNation engineers. For more information visit www.fotonation.com.
About Smart Sensors Ltd.
Founded in 2003 in Bath, England, United Kingdom, Smart Sensors Ltd offers software, know-how and licensing so integrators can deploy the precision, power and convenience of iris recognition biometrics in cost-effective solutions that authenticate each person’s unique ID. Our tools for iris feature extraction, biometric key creation and fast-matching operate on many product and processor platforms. Working with licensees, investors and selected technical and commercial partners, Smart Sensors has delivered iris biometric technology into products and systems sold internationally into applications as diverse as secure hands-free access control, military force protection, refugee management and automated border crossing.
About fotonation Technologies, Inc.
fotonation Technologies, Inc. and its subsidiaries generate revenue from licensing to manufacturers and other implementers that use the Company’s technology in areas such as mobile computing and communications, memory and data storage, and 3-D Integrated Circuit technologies. For more information call 1.408.321.6000 or visit www.fotonation.com.
fotonation, the fotonation logo, FotoNation, the FotoNation logo and FacePower are trademarks or registered trademarks of affiliated companies of fotonation Technologies, Inc. in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.
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fotonation Technologies, Inc.
Robert Andersen, 408-321-6779
Executive Vice President and Chief Financial Officer
The Piacente Group | Investor Relations
Don Markley or Glenn Garmont, 212-481-2050
Christian Zdebel, 484-788-2384
Source: fotonation Technologies, Inc.
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