Bioscrypt grabs fingerprint matching algorithm from Aret
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, BioscryptÃ¢â‚¬â„¢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 companyÃ¢â‚¬â„¢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.