Axis unveils biometric ATM

Plans IPO, acquisitions in India, US

Pune-based Axis Software, a developer of innovative security solutions, is looking for acquisitions in India and abroad.

"We are well-established in the Indian market and looking for acquiring a company engaged in the same sphere in the US. We are also in talks with a domestic company for acquisition. Though the company is financially sound, but for the acquisitions more funds are required. The company plans to enter the capital market with an initial public offer (IPO) in the first quarter of 2007," said Abhay Khinvasara, president and chief executive officer, Axis Software.

Axis has developed an innovative biometric automated teller machine (ATM). It is the first Indian company to develop such an ATM machine. The machine works by recognising finger print rather than the usual ATM card.

"We have developed three models of this biometric ATM. Further, a new model, combining the virtues of a regular and biometric ATM, will be launched soon. A special 'retrofit kit' which could be attached to a normal ATM machine to make it a biometric one is in the pipeline. The new model and kit will be launched within six weeks," Khinvasara added.

"There is no need to insert card to operate the biometric ATM. This system supports a very user-friendly interface with both audio as well as visual display. Thus, the machine has become very useful for semi-urban and rural population. A person can register his or her finger print with bank and can do financial transactions through ATM very easily. From the bankers' viewpoint, the machine is very useful as it assures 100 per cent security of transactions. Its hardware is designed in such a way that other biometrics scanners such as iris cameras can be integrated," assured Abhay Khinvasara.

"We have a tie-up with Jalgaon Peoples Co-operative Bank for providing biometric ATMs. We have installed eight such machines at different branches of the Jalgaon Bank. Now, we are expecting huge contracts from nationalised banks and already in talks with some of them .We expect to finalise our first deal within a month. These machines are being exported to Central Africa and the Middle East," he said.

We have secured orders from Mangolia and Dubai for providing three machines each. We see a huge potential in these markets and are targeting to sell at least 300 biometric ATMs in Central Africa and the Middle East in a year. We have tied up with ITI for marketing of these ATMs in the country, and for the US, we have tied up with two local companies - Iridian and Identics," he added.

Axis software, is also engaged in developing 'Time n Track' machine with biometric identity facility. The machine is used for 'check in' and 'check out' purpose in any kind of organisation. "We can also have a update track on what an employee is doing after entering into office, factory premises," he said.

Thus, apart from recording daily attendance, this machine also serves as a security system solution for an organisation.

"Currently, we are supplying these 'Time n Track' machines to a number of municipal corporations in Maharashtra. We are also supplying it to various ordnance factories, information technology companies and also to diamond merchants. Almost thousand such machines have been sold in the domestic market and we are planning to export them to Central Africa," informed Khinvasara.