BIO-key Sees Significant Increase in Customer Demand for its Cloud-Based Authentication Identity-as-a-Service (IDaaS) Solution PortalGuard®
BIO-key International (NASDAQ: BKYI) reported a significant shift towards its PortalGuard® Identity-as-a-Service (IDaaS) solution as existing customers transition from on-premises deployments. In Q4 2020, nine customers migrated to IDaaS, impacting approximately 115,000 users. The growing demand for cloud-based security and easier IT management positions PortalGuard favorably against traditional solutions. The company sees potential to convert over 200 additional existing customers to IDaaS, highlighting a promising growth trajectory in 2021 and beyond.
- Migration of nine customers to PortalGuard IDaaS in Q4 2020, benefiting 115,000 users.
- Potential to convert over 200 existing customers to IDaaS, equating to millions of users.
- None.
WALL, N.J., Jan. 12, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity and access management (IAM) solutions powered by biometrics, today announced that many of its existing customers are migrating from their current on-premises deployment to BIO-key's PortalGuard® Identity-as-a-Service (IDaaS) cloud-based authentication solution. While also onboarding new named customers BIO-key is assisting an increasing base of customers who desire to move more of their critical applications to the cloud and are attracted to improved security and simplified management capabilities of PortalGuard® IDaaS. In Q4 2020, BIO-key migrated nine of its [on-premises] customers to PortalGuard IDaaS, supporting approximately 115,000 users. Also, there is further upside potential of converting over 200 existing on-premises customers representing millions of users to IDaaS in 2021 and beyond.
The need to secure data while conforming to increasing security standards and distributed workforces has become a driving force behind customers' move to IDaaS. BIO-key's PortalGuard IDaaS accelerates the transition to a cloud-based identity management solution by providing an enterprise-grade security platform with a strong return on investment. Allowing users self-service access to critical portals, for example, is just one of the ways an IDaaS system can provide support and ROI for businesses. PortalGuard effectively reduces the complexity and cost of its customer's IT infrastructure, making IAM capabilities easier to use and manage. PortalGuard enables identity management via a single "pane of glass" from a security perspective, giving organizations clear visibility to view individual access across the enterprise.
"The maturation of the cloud services market has enabled IDaaS to emerge as the preferred deployment model versus the traditional on-premises IAM solution," said Mark Cochran, President of BIO-key - PortalGuard. "Enhanced security and scalability, reduction in cost and complexity, along with the relatively easy deployment of IDaaS, makes it an increasingly desirable option for our customers."
About BIO-key International, Inc. (www.bio-key.com)
BIO-key is revolutionizing authentication with biometric centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provide convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's proprietary software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premise and Identity-as-a-Service (IDaaS) solutions, including customized enterprise and cloud solutions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, 3 personnel, and the geographic markets in which we operate; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.
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Investor & Media Contacts
William Jones & David Collins
Catalyst IR 212-924-9800
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