Precise Biometrics Names Recently Appointed EVP as New CEO

Precise Biometrics has named Joakim Nydemark as its new CEO, with Patrick Höijer departing the role “at his own request.”

Höijer had taken the helm last year, shortly after its acquisition of EastCoast Solutions, and would go on to steer Precise’s corporate reorganization and help establish new sales channels in the US. He also oversaw a rights issuance that he later acknowledged was not universally popular, but defended as a capital-raising measure that helped secure Precise’s financial position.

“During his time as CEO, Patrick has contributed to strengthening Precise’s stance, positioning the company for profitable growth,” said Precise Biometrics Chairman Torgny Hellström. “Patrick himself initiated a dialogue about how the company should be managed going forward, as we are entering a new phase, and what leadership is best suited in that regard.”

Nydemark, meanwhile, joined the company this past June as the EVP and CCO of its Algo business unit. Nydemark had previously served as CEO of Crunchfish, a Swedish firm primarily focused on the FinTech space, from 2012 to 2020, when he transitioned to a role as CEO and COO of its Crunchfish Gesture Interaction business.

“Joakim has extensive experience within the industry and a profound understanding of our company and business,” Hellström explained. “This, coupled with his leadership, has formed the basis for the Board’s decision to appoint Joakim as new CEO.”

In a profile of Nydemark published on Precise Biometrics’ website just a few weeks after he began his role, the executive noted the “many new opportunities” emerging in the electric vehicle market, where biometric technologies have seen some adoption for driver authentication and in-car personalization applications. That could offer a hint about the direction in which he plans to take the company as it expands, though he acknowledged at the time that smartphones and consumer electronics will continue to be central to Precise’s business, which has tended to revolve around providing fingerprint recognition algorithms for such devices.

In acknowledging his appointment as CEO, Nydemark expressed gratitude and excitement, calling it an honor. “We are in a good position to continue developing the company, focusing on winning new customers, increasing recurring revenue, and building a structure that enables long-term growth,” he said.

The company noted that outgoing CEO Höijer’s services will be retained in a support role over the next six months as the company continues through “a transition phase.”

–

August 29, 2023 – by Alex Perala