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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, Inc. (NASDAQ: BKYI) will sponsor and exhibit at the 2021 Connect:ID Identity Conference in Washington, DC on October 5-6. The company will showcase its Identity-Bound Biometric solutions and participate in Q&A sessions. Key executives, including Chairman and CEO Michael DePasquale, will speak at various agenda sessions, discussing the future of identity management and biometric solutions. The conference aims to explore government policies and technological advancements impacting identity verification and security.
BIO-key International (NASDAQ: BKYI) has won the 2021 CyberSecurity Breakthrough Award for its PortalGuard Identity-as-a-Service (IDaaS) platform, recognized as the Access Management Solution of the Year. With over 20 years of experience, the platform offers flexible authentication solutions, including multi-factor authentication and Identity-Bound Biometrics, aiming to enhance security and user experience. The awards program, conducted by CyberSecurity Breakthrough, received over 4,000 nominations globally, highlighting the importance of flexible cybersecurity solutions in today’s business landscape.
BIO-key International has launched a new lineup of FIDO2 cryptographic security keys, enhancing its Identity and Access Management (IAM) solutions. This compliance with the FIDO2 authentication standard addresses security concerns like password theft and phishing. The keys offer various connectivity options, including USB-A, USB-C, and NFC, while allowing biometric verification. The move expands BIO-key's authentication methods in its PortalGuard IAM platform, supporting Multi-factor Authentication (MFA) and Single Sign On (SSO). These offerings aim to give customers a competitive alternative in the market.
BIO-key International (BKYI) has launched a Master Agent Referral Partner Program in partnership with Intelisys, enhancing their Identity and Access Management (IAM) solutions. This initiative aims to broaden BIO-key's channel ecosystem and create new revenue opportunities. The collaboration includes the offering of the PortalGuard Identity-as-a-Service (IDaaS) platform, which enhances enterprise IAM strategies. Full operational status is anticipated within the current quarter, marking a significant step in BIO-key’s growth strategy.
BIO-key International (BKYI) announced that the University of Denver has selected its PortalGuard IAM platform to enhance access security for their applications. This move aims to unify security measures and simplify user access for approximately 12,000 students. PortalGuard's features include Single Sign-On capabilities and integrated self-service functionalities, meeting DU's needs for flexibility and scalability. The partnership is seen as a validation of BIO-key's value within higher education, addressing critical cybersecurity compliance requirements.
BIO-key International (NASDAQ: BKYI) announces its selection by Florida's Orange County Supervisor of Elections Office to implement its PortalGuard Identity and Access Management platform. This update enhances security for accessing voter data via multi-factor authentication (MFA) methods, building on previous deployments of BIO-key's biometric solutions. The choice highlights PortalGuard's support for various authentication methods and emphasizes the need for secure access in shared workstation environments during election cycles.
BIO-key International (NASDAQ: BKYI) has launched the EcoID II, a compact fingerprint scanner designed for effective identity verification in various environments. This device utilizes advanced scanning technology and NIST-tested algorithms, enhancing user experience and security against credential phishing. The EcoID II integrates seamlessly with BIO-key’s Multi-factor Authentication and offers Windows Hello functionality for users without needing costly upgrades. Available through Amazon and partner channels, it aims to meet the growing demand for biometric authentication.
BIO-key International (NASDAQ: BKYI) has launched the MobilePOS Pro, a handheld biometric-enabled Android Point of Sale terminal. This device features an FBI-certified fingerprint scanner, thermal printer, 5MP camera, and supports multiple connectivity options. MobilePOS Pro is designed for secure transactions in banking, healthcare, and social services, thereby reducing fraud risks. The product is available for immediate shipment and has already been deployed in Africa. This advancement signifies BIO-key’s commitment to enhancing mobile POS transactions through biometrics.
BIO-key International reported Q2 2021 results with a remarkable 223% revenue increase to $992k, attributed primarily to higher license fees. The company accelerated cloud-based identity management adoption, expanding its customer base to 55+ with the California Community College System. Significant product innovations include the MobileAuth app and the SSO Concierge feature. Financially, gross profit surged to $753k, and gross margin improved to 76%. Despite a net loss of $1.2M, there’s optimism for future growth with a predicted revenue range of $8M to $12M for 2021.
BIO-key International, Inc. (NASDAQ: BKYI) will hold a conference call on August 17, 2021, at 10 a.m. ET to discuss its second quarter 2021 results. The financial results will be released after market close on August 16, 2021. The call will feature key executives including Mike DePasquale, the Chairman & CEO, and Cecilia Welch, the CFO. Interested participants can dial in at 1-877-418-5460 for U.S. callers or 1-412-717-9594 for international callers. A live webcast will also be available along with a replay for three months.
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