Apple has paid $350million for biometric security firm AuthenTec, potentially hinting at new fingerprint or iris-recognition features in forthcoming products, The Telehraph reported.

The fingerprint-authentication firm had signed a deal with the iPhone maker's rival Samsung less than two weeks ago.

Apple is paying $8 a share in the deal, AuthenTec said today in a filing. The transaction reprsents a premium of 58 per cent over AuthenTec’s closing share price yesterday. Under the agreement, Apple also has the right to pay patent licenses totaling as much as $115 million.

The deal will help Apple shore up its biometric features, which help maintain security on devices. The company is under pressure to speed up its product development cycle as competition in mobile technology increases, according to investor Michael Obuchowski, a portfolio manager at North Shore Asset Management. Apple shares fell 4.3 percent on July 25 after quarterly iPhone sales missed analysts’ projections, underscoring the need for a new model.

In addition to biometric chips for PCs and mobile devices, AuthenTec makes technology that allows users to securely access virtual private networks (VPNs) and is likely to help Apple further penetrate the business markets previously dominated by Windows and BlackBerry.

The purchase is likely to further accelerate the trend for workers to bring their own devices to work, as iPhones and iPads should be able to make secure connections to corporate networks more easily.