Bio-Key Intl Inc Stock Price, News & Analysis

BIO-key International (NASDAQ: BKYI) announced participation in the NACo Annual Conference from July 8-12, 2021, in Maryland. The event highlights cybersecurity as a priority for county officials facing threats like ransomware. BIO-key will showcase its PortalGuard IAM platform and provide live demonstrations at booth 302. Kimberly Johnson, VP of Product, will discuss connectivity solutions at the CIO Forum. The company emphasizes cost-effective cybersecurity measures for counties, aiming to combat breaches and improve IT productivity amid rising cyber threats.

BIO-key International (NASDAQ: BKYI) announced that its PortalGuard^® Identity-as-a-Service (IDaaS) platform won the “Identity Management Solution of the Year” at the 2021 RemoteTech Breakthrough Awards. This accolade highlights the platform's robust capabilities in identity and access management, featuring multi-factor authentication and unique Identity-Bound Biometrics. PortalGuard IDaaS has demonstrated rapid growth, driven by demand for enhanced security solutions in various sectors including education, healthcare, and finance. The recognition underscores the platform's critical role in the evolving remote work landscape.

BIO-key International, Inc. (NASDAQ: BKYI) has launched SSO Concierge, an upgrade to its PortalGuard platform, enhancing identity and access management (IAM) solutions with single sign-on (SSO) capabilities. This development aims to simplify user experience by eliminating the need for multiple passwords, especially for thick client applications that lack federated identity management. The new feature offers robust security with over 16 multi-factor authentication options, significantly improving productivity and reducing IT support demands. This positions BIO-key as a leader in IAM solutions for complex enterprise environments.

BIO-key International, Inc. (BKYI) has announced that Rio Hondo College in California has adopted its PortalGuard IDaaS platform to enhance security and user experience for over 19,000 students accessing multiple applications, including Microsoft Office 365. By implementing Single Sign-On and Multi-Factor Authentication, the college aims to reduce password fatigue and improve mobile access. PortalGuard IDaaS not only streamlines user authentication but also offers a cost-effective solution, minimizing the need for extensive IT management and fostering better security protocols.

BIO-key International (NASDAQ: BKYI) announced a channel alliance with UVS Infotech, enhancing its identity and access management (IAM) solutions in higher education and federal sectors. UVS Infotech added BIO-key's PortalGuard IAM solution to the Maryland Education Enterprise Consortium (MEEC), which comprises over 200 institutions. The partnership aims to address security needs and explore federal opportunities. Besides Maryland, UVS operates in Virginia, recognized by the Virginia Community College System (VCCS), allowing participation in federal projects under $4M.

BIO-key International, Inc. (BKYI) reported significant first-quarter results for 2021, with revenues increasing to $1.8M from $522k in the same period last year, driven by a 1193% rise in hardware sales and over 100% growth in license revenue.

The company secured a $1.2M contract extension and began technology deployments in Africa, generating $680k in hardware revenue. Despite a net loss of $0.7M, there was a notable reduction from a $3.5M loss in Q1 2020. BIO-key's cash position improved to $13.5M, and the firm aims for full-year revenues between $8M and $12M, indicating strong growth potential.

BIO-key International announced that Kimberly Johnson, VP of Product, was named to CRN's 2021 Women of the Channel: Power 100 list. This recognition highlights her leadership in marketing and channel strategies during the challenges posed by the COVID-19 pandemic. Johnson's achievements include expanding BIO-key's Channel Alliance Partner (CAP) Program and enhancing partner relationships to drive growth. CEO Blaine Raddon praised her contributions, reflecting BIO-key's commitment to a partner-centric model. The recognition aims to spotlight influential women in the IT channel.

BIO-key International (NASDAQ: BKYI) launched the BIO-key MobileAuth™ app with PalmPositive™, a biometric authentication method. This app enhances security through a palm scan, addressing vulnerabilities of traditional multi-factor authentication (MFA) methods, like passwords. The solution, part of the PortalGuard® IDaaS platform, ensures integrity, availability, and security across devices. Future updates will add voice and facial recognition. This innovation aims to simplify user experience while increasing enterprise-level security.