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BIO-key International, Inc. reports developments in identity and access management software, biometric authentication technology, and related security hardware. The company’s updates center on cloud-hosted and on-premise PortalGuard IAM, biometric-centric multi-factor authentication, Passkey:YOU, and devices such as Pocket 10 Finger Scanners and Mobile POS Pro. Customer news includes software license renewals, public-sector channel partnerships, defense deployments, and retail-bank biometric identification programs.
Financial and corporate updates also cover operating results, revenue contributions from services, license fees, and hardware, Nasdaq listing compliance, periodic-report timing, and share-structure actions such as the company’s 1-for-10 reverse stock split.
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.
BIO-key International, Inc. (NASDAQ: BKYI) will host a conference call on May 14, 2021, at 10 a.m. ET to discuss its first-quarter 2021 results. The results will be released before the market opens. Participation will include Mike DePasquale (Chairman & CEO), Cecilia Welch (CFO), and Fred Corsentino (Chief Revenue Officer). Investors can dial in at 1-877-418-5460 (U.S.) or 1-412-717-9594 (International) to join. A live webcast and replay will be available for three months following the call. More details can be found on their website.
BIO-key International, Inc. (BKYI) has expanded its intellectual property portfolio with the issuance of patent #10,984,085 for "Biometric Recognition for Uncontrolled Acquisition Environments." This brings the total to 18 IAM and biometric patents. The patent enhances BIO-key's authentication platforms and positions the company to license its technology to mobile and laptop manufacturers. The method allows for continuous biometric authentication, improving user experience while combating identity theft. The CTO emphasized the innovation's potential in meeting demand for less intrusive identity protection methods.
BIO-key International (NASDAQ: BKYI) announced that Barstow Community College and Southeastern Illinois College have chosen its PortalGuard® IDaaS Platform, indicating strong customer adoption of its cloud-based IAM solution. The platform enhances IAM security, streamlining processes and improving user experience. Both institutions seek to migrate IAM strategies to the cloud for scalability, cost-effectiveness, and 24/7 availability. President Mark Cochran emphasized the importance of partnerships in optimizing security and user experience in educational environments.
BIO-key International, Inc. (BKYI) announced an expansion in its security solutions for higher education, particularly within the California Community College System, with over 55 colleges now receiving support. Mendocino College recently adopted BIO-key's PortalGuard IDaaS solution to enhance its online user experience and reduce IT costs related to password management. The solution offers secure single sign-on to critical applications like O365 and G-Suite, and is projected to cut IT help desk costs related to password resets by up to 95%. The growth of PortalGuard indicates a rising demand for robust identity management solutions.
BIO-key International (NASDAQ: BKYI) announces the launch of new biometrics hardware solutions, including the Pocket10™ fingerprint scanner and USB-C versions of the SidePass® and SideSwipe® scanners. Designed to meet rising demand from enterprises and government, these devices enhance mobile enrollment and provide secure authentication options. The global biometric market is projected to grow from $22 billion in 2021 to $55 billion by 2027. These innovations strengthen BIO-key's position as a leader in identity and access management solutions.
BIO-key International (NASDAQ: BKYI) has partnered with Kristel Communication Ltd., a Kenyan cybersecurity provider, to enhance its distribution of the PortalGuard Identity as a Service (IDaaS) solution in East Africa. Kristel will leverage its reseller network to sell BIO-key’s cloud-based identity management and biometric solutions, catering to commercial and government domains. The partnership aims to capitalize on the rising demand for IDaaS amid the shift to cloud computing and biometric authentication, as predicted by Gartner, which anticipates a 35% growth in the sector.