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SINGAPORE : US-based biometric technology firm UPEK is committing some S$100 million to strengthen its presence in Singapore.
It plans to build a centre of excellence here and use its base in Singapore to drive global growth.
UPEK was awarded the International Headquarters Award by the Economic Development Board on Wednesday.
The International Headquarters Award is given to foreign companies in recognition of their contributions and commitment to Singapore.
UPEK has been in Singapore for more than two years, and it is pumping S$100 million over the next 10 years to grow its presence here. This includes building a centre of excellence.
Alan Kramer, President and CEO, UPEK, said: "The other thing that will be new for us is, because of our plan with the new IHQ, we will be establishing our first offshore hardware R&D and IC design teams here in Singapore.
"And we see Singapore (as) being an increasingly important area for us here and in the future (in terms of) research and development programmes..."
Singapore currently accounts for 25 percent of UPEK's headcount, but this is expected to increase. The company has 120 employees worldwide, with offices in California, Prague, Beijing, Taipei and Singapore.
UPEK is seeking to tap into the booming biometrics industry.
Mr Kramer said: "The overall biometrics business continues to be a very high growth market. I think there are forecasts that indicate that it is growing at roughly 40 percent year over year, and is expected to continue (at) that level of growth at least till the end of the decade.
"And that growth has been very much part of the success that UPEK has enjoyed since we formed the company a little less than four years ago."
The global biometrics market is projected to almost triple over the next three years to US$5.7 billion in 2010. - CNA/ms
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