Bioscrypt grabs fingerprint matching algorithm from Aret

SSN Staff  - 
Thursday, December 9, 2004

December 9, 2004

TORONTO, Ontario - Bioscrypt, a provider of identity verification technology, has acquired a fingerprint matching algorithm technology from Aret Associates for $1 million.
Bioscrypt had previously licensed the technology under an exclusive licensing agreement with Aret - adding up to $3.16 million in royalty payments paid over the life of the agreement. After the transaction is complete, Bioscrypt’s financial obligation to Aret will be complete.
Colin Soutar, chief technology officer of Bioscrypt, said in a prepared statement that the move consolidates the company’s position in pattern-based fingerprint matching technology.
The algorithm technology includes patents and trade secrets that were not previously purchased by Bioscrypt as part of the acquisition of Biometric Identification in 2001.