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Samsung has entered into a definitive agreement to acquire Sweden-based fingerprint verification company, Fingerprint Cards, for $650 million in cash. The agreement has been approved by the boards of directors of both Fingerprint Cards and Samsung.

Kwon Oh-hyun (CEO, Samsung): Swipe sensor technology is phenomenal in every way, and are going to be loved by millions of people around the world. Together we will create the future.

Fingerprint Cards will become a new business division within Samsung, and Fingerprint Cards CEO Johan Carlström will assume the title of president of the Samsung Fingerprint Cards Division, reporting directly to the company’s CEO Kwon Oh-hyun.

[Image courtesy: Fingerprint Cards]