Fingerprint Cards has appointed Serial System as distributor for India and six additional countries in Southeast-Asia. At the same time Serial placed an initial order of SEK 3.6 M for immediate delivery.
Serial System Ltd (Serial System), a company listed on the Main Board of the Singapore stock exchange and headquartered in Singapore, has been appointed by Fingerprint Cards AB (FPC) as its strategic distributor i Southeast-Asia and India. In conjunction with the agreement, Serial System placed an order with FPC worth SEK 3.6 M.
Having already recently signed a distribution agreement Serial System in the China market where Serial System has 30 offices, FPC is pleased to announce an additional engagement with Serial System in South East Asia and India. Serial System having 17 offices and 110 employees in India, Malaysia, Vietnam, Singapore, Thailand, Indonesia and the Philippines, has now also been designated the distributor for Southeast Asia and India. Serial System, which reported an average compound annual growth rate (CAGR) of 26% for the past five years, has more than 720 employees and is a leading distributor in most Asian countries. In addition to Serial System’s extensive distribution channels, the company will offer support and develop customized solutions, which will both facilitate integration and expedite delivery times of total solutions for end consumers.
To support the demand for FPC’s products and solutions in major regions of Southeast Asia and India, as well as offer customers short delivery times, Serial System has placed an order for FPC’s area sensor, FPC1011F, valued at SEK 3.6 M. The sensors are to be delivered in the third quarter of 2011.
Johan Carlström, President and CEO of FPC comments: “We are pleased to be increasing our co-operation with Serial System to include Southeast Asia and India. Serial System is a well-known distributor growing at 17% faster than the market and has had an average annual growth rate of 26% in the past five years. We are confident that Serial System will quickly generate new business in the region.”
Dr. Derek Goh, Executive Chairman and CEO of Serial System comments: “We are very pleased to have been appointed the new distributor of Fingerprint Cards. Southeast Asia and India are rapidly growing markets and accounted for 13% of Serial System’s sales in 2010, and we will continue to support, focus on and invest in the region to expand FPC’s business. We will be offering our customers an even wider range of products as a result of this partnership.”
About Fingerprint Cards AB (FPC)
Fingerprint Cards AB (fingerprints.com) develops produces and markets biometric technology, which, through analysis and matching of an individual’s unique fingerprint, verifies the person’s identity. The technology consists of biometric sensors, processors, algorithms and modules that can be used separately or combined. The competitive advantages offered by FPC’s technology include unique image quality, extreme robustness, low power consumption and complete biometric systems. With these advantages and the ability to achieve extremely low manufacturing costs, the technology can be implemented in volume products, such as smart cards and mobile telephones, which impose extremely rigorous demands on these characteristics. FPC’s technology can also be used in such areas as IT, Internet security and access control. Fingerprint Cards AB is listed on Nasdaq OMX Stockholm (FING B) and has its head office in Gothenburg, Sweden.
About the Serial System Ltd
Serial System Ltd started operations in 1988 as a distributor of electronics components in Singapore. The Company was incorporated as a private limited entity in April 1992 and listed on SESDAQ in 1997. Serial System Ltd became a Singapore Exchange Securities Trading Limited (SGX-ST) mainboard listed company on July 10, 2000. The Group has a network of oversea offices, operations and representations in China, Hong Kong, South Korea, Taiwan, India, Malaysia, Thailand, Philippines, Indonesia and Vietnam.
Publication pursuant to Swedish legislation: Fingerprint Cards AB (publ) discloses this information pursuant to the Securities Market Act (2007:528) and the Financial Instruments Trading Act (1991:980).