This was printed from Philadelphia Business Journal
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This was printed from Philadelphia Business Journal
MOORESTOWN, N.J. -- Sensar Inc. has taken a giant step forward in its futuristic quest to establish part of the human eye as the worldwide standard for identification.
The fledgling company has reached a $41.9 million agreement to develop, distribute and supply its iris identification products to Oki Electric Industry Co. of Japan for use in a variety of industries.
The deal, announced Oct. 31, substantially expands the scope of the first agreement Sensar made. That $25 million arrangement, reached in August 1995, also was with Oki. It gave the Japanese company exclusive licensing rights to Sensar's IrisIdent products for application in the banking industry only. Oki is the leading supplier of automated teller machines in Japan. The latest agreement permits Oki to sell access to the IrisIdent line for use far beyond the ATM. That might include passport identification, driver's license verification and airline security.
Sensar, incorporated in 1993, has yet to announce its first domestic deal. Thomas J. Drury Jr., president and chief executive officer, said this week that Sensar has developed two confidential strategic partnerships in the banking industry that are expected to result in the test marketing of IrisIdent technology at ATMs and at bank teller stations in the United States by June.
As further proof of Sensar's confidence in that development, Drury said the company's current staff of 30 will more than triple to 100 in the next 12 to 15 months. Its revenues, which were $2.1 million last year, are expected to exceed $6 million this year and reach $110 million by 2000, based on a banking industry emphasis only, Drury said. He expects that the application of IrisIdent will expand to other industries. But for now, Sensar's focus is banking, Drury said.
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