NEXT Biometrics Announces Further Cost Reductions Amid COVID-19

Oslo, Norway-based fingerprint sensor technology company NEXT Biometrics announced via a post on its website that due to the ongoing COVID-19 crises, it will be initiating further “optimisations of its organisation and cost base.”

“All global operations will potentially be affected including reduced headcounts as well as indirect costs,” notes the announcement, while going on to say that NEXT aims to reduce its annual operating expenses by ‘at least’ roughly $1.9 million per year. This announcement comes following a previous one signalling cost reductions amounting to roughly $4.25 million, for a total reduction of nearly $6.2 million.

NEXT specializes in biometric fingerprint sensors and smart cards, and recently announced a furthering of its participation in supplying devices for the massive Aadhaar biometric registration program in India. The company has also been involved in the biometric smart card market, which NEXT Biometrics’ leadership has highlighted as an important growth area last year.

The COVID-19 pandemic has swept across the globe in recent months, seemingly affecting businesses in nearly every sector. In addition to massive amounts of layoffs worldwide, it has led to the cancellation of global events, including nearly all professional sports, religious and cultural celebrations, and industry events and conferences.

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April 21, 2020 – by Tony Bitzionis