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BIO-key International, Inc. (OTCQB: BKYI) is a leading provider of biometric software and hardware authentication solutions for enterprises and consumers alike. Established in 1993, BIO-key has become a trusted name, servicing diverse sectors including Fortune 500 companies, government agencies, healthcare organizations, call centers, schools, retailers, and OEM partners.
BIO-key's product portfolio includes advanced fingerprint biometric identification and identity verification technologies, with popular offerings such as SideSwipe, SidePass, EcoID, and WEB-key. The company's innovative solutions ensure secure and seamless access management, making them a preferred choice for high-security requirements.
In 2016, BIO-key introduced a series of compact fingerprint readers designed for compatibility with Windows Hello. These readers are not only affordable but also easy to install and use, available through major retailers like Amazon, Microsoft, and Dell.com. The company further expanded its consumer reach by launching a series of biometric padlocks at the Consumer Electronics Show in 2017. Their product, TouchLock, received significant acclaim, being featured on over 30 morning television shows.
BIO-key continues to innovate with its 'Biometric of Things' (BoT) initiative, aiming to create a range of biometrically enabled, consumer-friendly products. The company’s focus on the power of a touch drives their mission to enhance security and user experience across various applications.
Financially, BIO-key generates revenue through services, license fees, and other streams. The company remains committed to partnerships and collaborations that expand their market presence and technological capabilities.
One notable partnership is with Humanity International Investments, under the chairmanship of His Highness, Sheikh Marwan bin Mohamed bin Rashid Al Maktoum. This strategic collaboration has led to the launch of the Humanity Protocol, a blockchain-based economic empowerment initiative. The project leverages BIO-key’s biometric palm scan technology to authenticate identities, enabling individuals, particularly in Africa, to claim their digital footprint through Non-Fungible Tokens (NFTs). With over 15,000 palm scans and plans to verify more users, the initiative marks a significant step forward in integrating biometric technology with blockchain for identity verification.
Overall, BIO-key International, Inc. is at the forefront of revolutionizing digital identity and access management, ensuring secure, user-friendly authentication solutions for millions worldwide.
BIO-key International (BKYI) has been awarded the 2022 Govies Government Security Award for its PortalGuard® platform in the User Authentication/Identification/Credentialing and Management category. This recognition comes amid rising cyber-attack threats targeting government entities, highlighting the need for robust identity and access management solutions. BIO-key's PortalGuard® employs multi-factor authentication methods, including Identity-Bound Biometrics, ensuring secure access without reliance on smartphones. This award underscores the platform’s value and the commitment of BIO-key to providing effective security solutions.
BIO-key International (BKYI) announced the selection of its PortalGuard IAM platform by a Texas city. This is BIO-key's inaugural partnership with a Texas municipality, facilitated by IT firm Mejeticks and Intelisys. The platform enhances security against increasing cyber threats, particularly ransomware, targeting local governments. PortalGuard's flexibility in multi-factor authentication supports various user access scenarios, boosting data protection without relying on personal devices for security.
BIO-key International (NASDAQ: BKYI) has announced a partnership with 3Eye Technologies to enhance its Identity and Access Management (IAM) solutions. This collaboration aims to provide advanced security and convenience in sectors such as financial services and local governments. By leveraging 3Eye Technologies' network, BIO-key plans to broaden its reach, focusing on the increasing demand for secure IAM solutions in the wake of rising cyber threats. This strategic alliance positions BIO-key to further penetrate key markets while promoting its innovative Identity-Bound Biometrics technology.
BIO-key International, Inc. (BKYI) reported a strong FY’21 with an 80% revenue increase to $5.1M, driven by its PortalGuard IAM solution. Key highlights include support for over 2.5M students, new government contracts, and the acquisition of Swivel Secure Europe, which generated $3.1M revenue in 2021. The company is optimistic about 2022, projecting revenue between $10-13M, equivalent to over 100% growth.
However, Q4'21 revenue fell to $935K from $1.1M YoY. Operating expenses rose to $8.4M, leading to an operating loss of $4.9M, though the net loss decreased from $9.8M in FY’20 to $5.1M.
BIO-key International, Inc. (Nasdaq: BKYI) announced that its Chairman and CEO, Mike DePasquale, will participate in the Maxim Group Emerging Growth Virtual Conference from March 28-30, 2022. The conference will include presentations, fireside chats, and roundtable discussions, allowing investors to engage directly with BIO-key’s leadership. Interested investors can register via the conference registration page starting March 28. BIO-key specializes in identity and access management solutions, revolutionizing secure access through Identity-Bound Biometrics.
BIO-key International (NASDAQ: BKYI) announced its participation as a sponsor and exhibitor at the 2022 CISOA Technology Summit in Ontario, California, from March 20-23. The event targets IT professionals in higher education, with a focus on enhancing cybersecurity strategies. BIO-key will showcase its PortalGuard platform, which helps educational institutions secure remote learning and meet cybersecurity requirements. Seminars by clients like College of the Canyons will highlight successful implementations. BIO-key's partnership with Pathify aims to improve student portal experiences.
BIO-key International, Inc. (NASDAQ: BKYI) will discuss its fourth quarter and full year 2021 results during a conference call on March 29, 2022, at 10 a.m. ET. The call will feature key executives including Chairman & CEO Mike DePasquale and CFO Cecilia Welch. Results will be available before market opening on the same day. The company emphasizes its role in identity and access management through innovative biometric solutions. Investors can access the call via dial-in or a live webcast.
BIO-key International, Inc. (NASDAQ: BKYI) is sponsoring a workshop titled “Cyber Security: A Primer for County Leaders” on March 14, 2022, during the NYSAC Legislative Conference. This initiative aims to educate county leaders about current cyber threats and defense strategies, especially in the wake of increased ransomware and phishing attacks. Michael DePasquale, Chairman and CEO, emphasizes the importance of understanding cyber risks to protect citizens. BIO-key continues to gain preference among county governments for its PortalGuard IAM platform and emphasizes affordable MFA solutions.
BIO-key International, Inc. (NASDAQ: BKYI) announced its acquisition of Swivel Secure Europe, S.A. (SSE), an IAM solutions provider in the EMEA markets. This acquisition significantly enhances BIO-key's capabilities, bringing in approximately $3.1M in revenue and $578K in operating income from SSE in 2021. Notably, SSE has a five-year exclusive distribution agreement for Swivel Secure Limited's software across EMEA, adding a ten-member sales team and strong partnerships with key firms such as SAP and IBM. This strategic move aims to strengthen BIO-key's cybersecurity offerings amid increasing threats.
BIO-key International (NASDAQ: BKYI) has launched a national enrollment program in partnership with Sterling Bank Nigeria's Specta, aiming to provide biometric equipment for the National Identity Management Commission’s enrollment initiative. The program, co-funded by the World Bank and the Nigerian government, seeks to enhance financial inclusion and identity verification across remote areas. Utilizing BIO-key’s mobile biometric solutions, the initiative will facilitate access to government and commercial services for Nigerian citizens, thereby supporting economic growth and technological advancement in the region.
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