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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) announced the expansion of its PortalGuard identity and access management solution for GATX Corporation, specifically for its Rail Europe operations. With a shift to remote work due to COVID-19, GATX faced increasing Help Desk costs and security challenges. PortalGuard aims to enhance password management, improve user experience, and reduce IT costs. Mark Cochran, President of BIO-key, emphasized the solution's balance of security and usability, highlighting the ongoing need for effective cybersecurity measures in remote environments.
BIO-key International (BKYI) will participate in the LD Micro Virtual Main Event 2020 Investor Conference on December 15, 2020. Chairman and CEO Mike DePasquale is scheduled to present at 3:20 PM ET, followed by a Q&A session. The event, taking place on December 14-15, features over 200 small and micro-cap companies and aims to provide a more engaging experience for attendees. For more details or to register, visit the LD Micro website.
BIO-key International (NASDAQ: BKYI) announced the launch of PortalGuard IDaaS, a secure, scalable identity-as-a-service platform. This cloud-based service utilizes biometrics and offers a flexible approach to identity and access management (IAM). The solution has already processed millions of authentication transactions, aiming to enhance security in work-from-anywhere scenarios. Gartner predicts a significant growth in IAM SaaS usage, driven by the pandemic. CEO Michael DePasquale emphasized that this launch reflects BIO-key's commitment to innovation and flexibility in IAM solutions.
BIO-key International (Nasdaq: BKYI) announced that its Chairman & CEO Michael DePasquale will present at the 17th Annual Imperial Capital Security Investor Conference on December 2, 2020, at 12:30 pm ET. The event is a key platform connecting about 70 security-focused companies with 500 investors and leaders. Held virtually over two days, the conference aims to showcase companies providing advanced security solutions across Consumer, Enterprise, and Government markets, underlining BIO-key's commitment to innovation in identity and access management.
BIO-key International (NASDAQ: BKYI) has partnered with Prominic.NET to deploy its PortalGuard IAM solution for a U.S. Department of Defense agency. This collaboration aims to enhance user access security to the agency's enterprise applications using secure smart card authentication. The PortalGuard solution features Single Sign-On capabilities and supports Personal Identity Verification (PIV) credential smart card authentication, while providing traditional two-factor authentication for users without PIV. This partnership signifies an important milestone in BIO-key's mission-critical security market.
BIO-key International, Inc. (Nasdaq: BKYI) announced a 1-for-8 reverse stock split effective on November 20, 2020, following shareholder approval on November 16. This decision aims to comply with Nasdaq's minimum closing bid maintenance requirement. Following the split, the number of outstanding shares will decrease from approximately 62.4 million to about 7.8 million. The company reported $18.4 million in cash as of September 30, 2020, translating to approximately $2.36 per share on a split-adjusted basis. CEO Michael DePasquale emphasized that this move is crucial for financial stability and future growth.
BIO-key International, Inc. (Nasdaq: BKYI) reported a significant Q3 2020 performance, with revenues surpassing $943K, over double that of Q3 2019's $453K, largely due to the PistolStar/PortalGuard acquisition. The company's gross margin improved to 78%, a substantial recovery from a negative margin in the prior year. Despite an operating loss of $1.1M and a net loss of $3.3M, BIO-key ended the quarter with $18.4M in cash, bolstered by a recent public offering. The firm anticipates continued growth and expansion in global markets, particularly in Africa, with key projects expected to commence soon.
BIO-key International, Inc. (NASDAQ: BKYI) will host a conference call on November 12, 2020, at 10 a.m. ET to discuss its third quarter 2020 financial results. The company will release the results before the market opens. Key executives, including Chairman & CEO Mike DePasquale and CFO Cecilia Welch, will participate. Investors can access the call via dial-in numbers or through a live webcast, available for replay for three months. BIO-key specializes in identity access management and biometric solutions.
BIO-key International (NASDAQ: BKYI) announced that Marion Technical College has selected its identity and access management solutions to implement Two-Factor Authentication (2FA) and Single Sign-On (SSO) for critical applications. This move aims to enhance security and improve user experience for students and faculty accessing platforms like Office 365 and Canvas. The integration of SSO with 2FA is expected to reduce login frustrations and enhance data protection. BIO-key's President highlighted the increasing demand for cybersecurity in educational institutions.
BIO-key International (NASDAQ: BKYI) announced the deployment of its PortalGuard Identity and Access Management solution at San Juan College, New Mexico. This advanced IAM solution enhances security and supports various Single Sign-On protocols for seamless access to cloud applications. The college transitioned from a free, less efficient IAM platform to PortalGuard, which simplifies user authentication and includes features like Self-Service Password Management and Multi-Factor Authentication. President Mark Cochran highlighted the solution's efficiency and potential cost savings.
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