OSLO: In response to a challenging fourth quarter in 2024, IDEX Biometrics has announced a new strategic direction and a change in leadership. The company’s board of directors recently completed a strategic review, leading to a significant shift in how IDEX will market its technology and products.
The review highlighted IDEX’s competitive advantages in biometric access technology, specifically its IDEX Access product line. The company is now positioned to offer a comprehensive and ready-to-market product line to customers and partners.
Government security agencies worldwide are recommending upgrades to both physical and digital security, and IDEX is confident that its access products provide unmatched security without compromising individual privacy.
Unlike other market segments, IDEX Access does not heavily rely on third-party adoption, making it a more stable revenue stream for the company. IDEX plans to fully control the product, customer journey, and pricing, with a commercial launch of the IDEX Multiuse Access Card scheduled for Q3 2025. The company will continue to maintain its presence in the payment market while shifting its primary focus to access products.
As part of this strategic shift, IDEX has appointed Anders Storbråten as the new CEO, effective immediately. Storbråten, affiliated with Altea AS, brings a wealth of experience in industrial engineering, technology, and investment banking. He has a proven track record in restructuring and scaling technology companies internationally.
The restructuring will include organizational and budgetary changes to reduce costs and reallocate resources for better returns on investment. IDEX aims to align and reenergize its organization with clearly defined objectives and key results (OKRs) for each individual. The company also plans to improve communication with shareholders by providing increased transparency and regular status updates on its commercial roll-out.