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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) 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.
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.
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