Interview with Charles Koo, President & CEO and Mohammed Murad, VP Global Business Development & Sales, IRIS ID Systems

Companies referenced in this item: IrisID, LG Electronics

FB
You just announced the spinoff of the new IRIS ID Systems company from LG Electronics. Can you please tell us about this?

IRIS ID Systems
As you know LG Iris has been a leading provider of iris recognition technology since 1997, we have done a lot of strategic analysis about where to take the business. After much deliberation it made sense to create a separate entity that focuses on developing identity authentication technology solutions to fit the market requirements. Iris ID System Inc. is a separate business and we have taken on all the rights and obligations from LG Iris. The entire LG Electronics Iris Technology Division (LG IRIS) is moving, along with personnel and facilities, to Iris ID Systems Inc. Iris ID will continue to provide products, support and services to our existing customer base. Our customers will not feel any change form the past activities; actually we believe this will create a better support system for our customers.

This announcement is representative of a more focused and a strategic approach to address the iris identity authentication segments that we will continue to develop. Iris ID combines the independence of a channel partner with proven experience in providing and integrating iris authentication solutions. This new structure gives the Iris ID team the flexibility and concentration for the development of innovative new products that address the needs of this demanding vertical market, while continuing to add value to Iris ID products.

FB
What were the main drivers behind the creation of the new company?

IRIS ID Systems
As you know LG Iris was a division within a very large corporation and to manage its identity within the large corporate culture and with outside business was a big challenge. We are creating a new brand that will be synonymous with iris identity authentication. This move will open new opportunities for growth and relationships with global players.

Iris ID will have more flexibility to move with market needs. Our speed to market will increase and this is a key benefit for our customers. We see future growth in the identity authentication technology needs. As a separate entity we can move into these markets very quickly by forging alliances with many companies. Let’s discuss just couple of areas of interest such as healthcare and the financial industry. We are confident that identity authentication will be a cornerstone in providing cost saving and privacy protection to both the service provider and the recipients in these industries…and we plan to be at the center of this growth.

FB
What will be the relationship with LG Electronics moving forward?

IRIS ID Systems
As the announcement states we are a separate entity and we will continue to explore business opportunities as well as technical collaboration and future products integration with LG Electronics to address market requirements.

FB
In the press release it is stated that manufacturing will remain in Korea. Will employees there be part of the new company?

IRIS ID Systems
Iris ID is taking over all personnel, R&D and manufacturing operations from LG Electronics and manufacturing facilities will remain in Korea. We are trying to create an environment that is non-disruptive to the current business operations. Product research, marketing and sales will continue to operate out of the Iris ID Cranbury, N.J. facility.

FB
How will this move benefit your customers?

IRIS ID Systems
Iris ID will continue to leverage its industry expertise, product portfolio and extensive channel programs to provide solutions to its global customers. Recently we introduced new products and demonstrated new product concepts that our customers will be able to utilize in mission critical applications. The transition will be very smooth and minimal. Customers will continue to enjoy the same quality products and services from Iris ID. We are already making a significant investment in R&D for new products to accommodate future market needs.

FB
This sounds like a very exciting development in the iris world and I look forward to hearing about your future growth.

IRIS ID Systems
Yes Peter, we are very excited about this opportunity and you will hear more positive developments in 2010 from Iris ID systems Inc.
 

Please visit www.irisid.com