Cipher, a Prosegur Company, and BIO-key Announce Technology Integration to Expand Identity Security Offering, Starting in Portugal

BIO-key International (BKYI) announced a technology integration with Cipher, Prosegur's cybersecurity division, with an initial launch planned in Portugal.

Rhea-AI Summary

BIO-key International (BKYI) announced a technology integration with Cipher, Prosegur's cybersecurity division, with an initial launch planned in Portugal. The integration brings BIO-key's identity and access management, biometric authentication and passwordless technologies into Cipher's cybersecurity services portfolio.

The companies plan to progressively expand the integrated offering and commercial opportunities into additional international markets. The portfolio also includes emerging capabilities designed to introduce human identity verification and authorization into workflows driven by artificial intelligence agents.

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On Nov 3, the day this news came out, the latest delayed price for BKYI is 9.37% above the previous close. The latest delayed price is $2.68.

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Key Terms

identity and access management (iam), multi-factor authentication (mfa), single sign-on (sso), penetration testing, +1 more

5 terms

identity and access management (iam) technical

"Enterprise Identity and Access Management supporting Multi-Factor Authentication"

Identity and access management (IAM) is the set of tools and practices a company uses to control who can enter its digital systems and what they can do, like assigning and checking virtual keys for employees, contractors and customers. Investors care because strong IAM reduces the risk of costly data breaches, regulatory fines and downtime, while weak IAM can damage trust, trigger expenses and harm a company’s valuation.

multi-factor authentication (mfa) technical

"supporting Multi-Factor Authentication (MFA), Single Sign-On (SSO)"

Multi-factor authentication (MFA) is a security method that requires two or more different ways to prove your identity before allowing access to an account—for example, a password plus a one-time code sent to a phone or a fingerprint. For investors this matters because MFA significantly reduces the risk of unauthorized access to sensitive corporate systems, financial accounts, and shareholder data, helping protect company value and reduce the chance of fraud or regulatory problems.

single sign-on (sso) technical

"Multi-Factor Authentication (MFA), Single Sign-On (SSO)"

Single sign-on (SSO) is a login system that lets a user access multiple online services with one set of credentials, like using a single key to open several doors. For investors, SSO matters because it can lower a company’s support costs, improve employee productivity and customer convenience, but it also concentrates access risk—a single compromise can affect many systems and therefore has potential operational and reputational impact.

penetration testing technical

"security assessments, penetration testing, Governance, Risk and Compliance"

Penetration testing is a controlled security check where experts try to break into a company’s computer systems, networks or applications to find weaknesses before real attackers do. For investors it signals how well a company manages cyber risk, potential costs from breaches or compliance failures, and the firmness of operational defenses—think of it as hiring a professional to test all the locks and alarm systems so vulnerabilities can be fixed before they cause damage.

governance, risk and compliance (grc) technical

"penetration testing, Governance, Risk and Compliance (GRC)"

Governance, risk and compliance (GRC) is an integrated set of policies, processes and tools organizations use to set who makes decisions, identify and manage threats, and ensure they follow laws and internal rules—like a company’s steering, brakes and GPS. It matters to investors because GRC influences the reliability of financial reporting, legal and regulatory exposure, and operational stability; strong GRC supports predictable performance and transparency while weak GRC can lead to fines, surprises or reputational harm.

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Integrates BIO-key's IAM, biometric authentication, and passwordless technologies into Cipher's cybersecurity portfolio, with plans for international expansion

LISBON, Portugal and HOLMDEL, N.J., Nov. 03, 2026 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), a global provider of Identity and Access Management (IAM) and biometric authentication solutions, today announced a technology integration with Cipher, Prosegur's specialized cybersecurity division, bringing BIO-key's identity security technologies into Cipher's cybersecurity services and solutions portfolio.

The integration addresses the increasing convergence between cybersecurity, identity management, and access governance. As organizations adopt cloud services, digital platforms, and AI-driven technologies, ensuring that the right individual or authorized entity is accessing the right resource has become fundamental to enterprise security.

The initial launch will be in Portugal, leveraging the organizations’ complementary capabilities to address the growing demand for advanced identity protection, stronger authentication, and Zero Trust security. The companies plan to progressively expand the integration and commercial opportunities across international markets, creating a broader framework for collaboration.

Cipher, a Prosegur company, is a specialized cybersecurity provider with more than 20 years of experience, over 200 cybersecurity professionals, and operations across Spain, Portugal, the United States and Brazil. Through its network of six Cybersecurity Operations Centers and its managed cybersecurity services, Cipher supports organizations in strengthening their security posture, managing cyber risks, and protecting critical digital environments.

By incorporating BIO-key's identity security technologies into its cybersecurity portfolio, Cipher will be able to extend its offering beyond traditional cybersecurity protection to address one of the most critical components of modern enterprise security: the identity of the individual accessing systems, applications, and sensitive information.

Bringing Identity Security into the Cybersecurity Ecosystem
The integration brings BIO-key's comprehensive identity security capabilities into Cipher's broader cybersecurity offering, providing additional capabilities for organizations seeking to strengthen authentication and identity protection.

The combined technology portfolio includes:

• Agentic AI Authentication and Authorization: Emerging capabilities designed to introduce human identity verification and authorization into AI-driven workflows, helping organizations establish appropriate controls over actions initiated by AI agents.
• PortalGuard® IAM: Enterprise Identity and Access Management supporting Multi-Factor Authentication (MFA), Single Sign-On (SSO), and centralized access management.
• Identity-Bound Biometrics (IBB): BIO-key's distinctive approach to biometric authentication, including fingerprint-based authentication, binding identity verification to the individual rather than relying exclusively on a device or credential.
• Passwordless Authentication: Secure and convenient authentication methods that reduce dependency on traditional passwords.
• Zero Trust Identity Security: Stronger identity assurance and authentication controls to support Zero Trust security architectures.
  
  

A Strategic Collaboration with International Ambitions
The initial implementation in Portugal provides a foundation for bringing together BIO-key's identity security technologies and Cipher's established cybersecurity capabilities and customer relationships.

Both organizations intend to explore opportunities to extend the integrated offering into additional markets where Cipher operates, leveraging Prosegur's international presence and BIO-key's global IAM capabilities.

This strategy reflects a broader industry evolution in which identity security is becoming an increasingly important component of comprehensive cybersecurity strategies. By integrating identity protection directly into cybersecurity services, the companies aim to help organizations address authentication vulnerabilities, reduce identity-related risks, and strengthen their overall security posture.

“Portugal is an important starting point for combining our complementary technologies and cybersecurity expertise to address evolving market needs,” said Luis Martins, Country Manager Portugal at Cipher, a Prosegur Company. “Organizations are recognizing that protecting their infrastructure is not enough if the identities accessing that infrastructure are not properly secured. By combining BIO-key's advanced biometric authentication and IAM capabilities with Cipher's cybersecurity expertise, we can deliver a more comprehensive approach to identity protection. We look to build a strong foundation in Portugal and then create opportunities to extend this integrated offering to customers across other markets.”

“We’re excited by the opportunity to connect Cipher/Prosegur's established leadership and extensive footprint in physical security with the growing demand for enterprise cybersecurity,” said Alex Rocha, International Managing Director, BIO-key Inc. “They have built trusted relationships with more than 800 enterprise customers, and their integrated security operations center (iSOC) is a powerful example of how they bring together people, technology, data and intelligence to deliver integrated security services. Within this iSOC environment, BIO-key’s identity assurance can strengthen access to security platforms, operational systems and sensitive applications.

“As physical and digital security increasingly converge, organizations need to protect not only their facilities, people and assets, but also their digital identities, infrastructure and AI-driven operations. BIO-key can help extend Prosegur's security proposition into this broader ecosystem. Together, we can help organizations move towards a more comprehensive security model in which physical security, cybersecurity and trusted digital identity work together.”

“This is an important strategic step in expanding BIO-key’s international technology ecosystem,” said Nicholas Prinz, International Channel Director, BIO-key Inc. “Cipher brings significant cybersecurity expertise, an established international presence, and a strong understanding of the security challenges faced by large organizations. Integrating BIO-key's solutions into Cipher’s cybersecurity offering brings identity security closer to the center of enterprise cybersecurity strategies. We see considerable potential in Portugal and beyond. Our ambition is to forge an international initiative combining the strengths of both organizations. We look forward to a long-term relationship.”

About Cipher – A Prosegur Company (www.cipher.com) and (www.prosegur.com)
Cipher is a specialized cybersecurity division of Prosegur, a global security group operating in 36 countries with more than 180,000 employees. Cipher is dedicated to protecting organizations' digital environments through advanced cybersecurity services, technology, and expertise. With more than 20 years of experience and a team of over 200 cybersecurity professionals operating across four countries, Cipher combines international capabilities with local market expertise.

Through its network of six Cybersecurity Operations Centers, Cipher delivers cybersecurity solutions and managed services designed to help organizations identify, manage, and reduce cyber risks. Its portfolio includes managed detection and response, cybersecurity operations, cyber intelligence, security assessments, penetration testing, Governance, Risk and Compliance (GRC), and its proprietary cybersecurity platforms.

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key International, Inc. (NASDAQ: BKYI) is a global provider of Identity and Access Management (IAM) and biometric authentication solutions. Its biometric-centric, multi-factor identity security technologies help organizations protect access to computers, applications, information, and high-value transactions for more than 40 million users worldwide.

BIO-key enables organizations to select authentication methods suited to their security, operational, and user requirements, including biometric, passwordless, tokenless, and phoneless authentication. Its cloud-hosted and on-premises PortalGuard® IAM platform supports Multi-Factor Authentication (MFA), Single Sign-On (SSO), and centralized access management. BIO-key's Identity-Bound Biometrics technology provides an additional approach to identity assurance by binding authentication to the individual rather than relying exclusively on a device or credential.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "estimate," "project," "intend," "expect," "anticipate," "believe," and similar expressions. These statements are based on management's current beliefs, assumptions, and information available to management and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied.

These risks and uncertainties include the factors described under "Risk Factors" in BIO-key's Annual Report on Form 10-K for the year ended December 31, 2025, and in its other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. Except as required by law, BIO-key undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate:  https://www.linkedin.com/company/bio-key-international
X – Corporate:  @BIOkeyIntl
X – Investors:  @BIO_keyIR
StockTwits:  BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 212-924-9800