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Biometrics - Monday, March 19, 2007

Biometric's Authentec Files For $86M+ IPO

authentec.png
Authentec has filed for an $86.25M IPO with Lehman Brothers serving as lead underwriter. The Melbourne, FL-based company sells fingerprint sensors for biometric security access to PCs wireless devices, buildings and so forth. Founded in 1998 as a Harris Corp. spinoff, the company employs more than 100 people and has14 different sensors that are used in more than 10M PCs, cell phones and access control devices. Clients include 8 of the top 10 PC manufacturers.

Authentic has never made a profit, losing about $20.9M in the last two years alone. Revenues increased 72.9%, from $19.2M for fiscal 2005 to $33.2M for fiscal 2006.

Authentec has raised $52.5M from VCs.
Investor Pre-IPO stake
Sierra Ventures 21.2%
Harris Corp. 19.1%
Carlyle Venture Partners 13%
Advantage Capital Partners 8.7%

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